Foster Wheeler Wins Award
Foster Wheeler AG (FWLT) received the International Headquarters Award from the Singapore Economic Development Board (:EDB). The prestigious award was conferred to Foster Wheeler Asia Pacific, a subsidiary of Foster Wheeler’s Global Engineering and Construction Group. For over 40 years, Foster Wheeler Asia Pacific has been working on various projects in Singapore and other regions.
Strategies for developing Singapore as a global business center are made and executed by EDB. The Headquarters Programme focuses on developing Singapore as a center for companies to administer, manage and control their businesses and operations, regionally and globally.
Foster Wheeler Asia Pacific quite pertinently has its headquarters in Singapore, from which it has successfully worked on a number of projects.
Foster’s diverse activities reflect its strong position in a wide range of markets across both business lines and geographies. The company not only has solid bookings but also a good pipeline prospect. Foster Wheeler is witnessing a growing need for capacity additions in a number of developing countries. There is often a preference for solid fuel boilers in these countries. The company’s CFB technology is the preferred solid fuel technology when a client has a hard-to-burn fuel or needs flexibility in fuel type. However, a weak market condition remains a matter of concern for the company.
Based in Zug Switzerland, Foster Wheeler AG has its operational headquarters in Clinton NJ USA. The majority of Foster’s revenues and new businesses come from outside the United States. The company serves the following industries: Oil and Gas; Oil Refining; Chemical & Petrochemical; Pharmaceutical; Environmental; Power Generation; and Power Plant Operation and Maintenance. The major competitors of Foster Wheeler are Fluor Corporation (FLR) and Jacobs Engineering Group Inc. (JEC).
Currently, the stock retains a Neutral rating on Foster Wheeler, with a Zacks #3 Rank (short-term Hold recommendation).
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