Amec Foster Wheeler plc today announces the creation of a new force in global engineering, project delivery, asset support, power equipment and consultancy following the completion of the £5bn combination of AMEC plc and Foster Wheeler AG.
The new company, Amec Foster Wheeler, has a highly skilled workforce of over 40,000 in more than 50 countries, 2013 annualised scope revenues of £5.5 billion1 and a £6.3bn order book2. The combined company would have generated pro-forma trading profits of £521 million in 2013.
Amec Foster Wheeler designs, delivers and maintains strategic and complex infrastructure assets across a range of markets. It has a strong presence across the onshore and offshore oil and gas value chain – from production, through processing, gas monetisation, midstream, oil refining and chemicals.
Amec Foster Wheeler is also a major player in the mining, clean energy, power generation, environment and infrastructure markets, using its increased scale to widen and deepen customer relationships. In addition, Amec Foster Wheeler is a leading designer, fabricator and supplier of advanced boiler systems for the power generation and industrial markets.
The combination strengthens its already considerable positions in North America and Europe and further enhances its established presence in growth markets of the Middle East, Asia and Latin America. Amec Foster Wheeler has more entrenched market presence and penetration prospects and will also enjoy a broader spread of customers among both independent oil majors and the world's national oil companies.
Based on 2013 pro-forma numbers, 56% of its revenues came from oil and gas, 19% came from clean energy, 9% from environment and infrastructure, 8% from the Global Power division and 8% from mining.
The engineering and project delivery operations will be managed through three geographic business units: Americas; Northern Europe & Commonwealth of Independent States; Africa, Middle East, Asia & Southern Europe. The Global Power Group, the power equipment business, will operate across all geographies.
These four business units will be supported by a global strategy and business development function - focused on the development of market and regional strategies, customer relationship management and business acquisition, and a project delivery function - to assure and drive project excellence and leverage Amec Foster Wheeler's global talent and experience. High Value Execution Centres and Centres of Expertise will support this activity.
Reporting to Chief Executive Samir Brikho, the Group Presidents (see biographies in notes to editors below) for the four business units are:
Samir Brikho, Chief Executive of Amec Foster Wheeler, said: "In creating our new company we are building on the proud heritage, skills and customer relationships of two already successful and highly respected businesses. Amec Foster Wheeler operates in more than 50 countries worldwide, in strong end markets and throughout the value chain. With our strong management team and talented workforce, we will not only serve our customers better, but can also offer our highly skilled employees even better career opportunities. I am proud to be leading the combined business into a new phase of growth."
Amec Foster Wheeler's American Depositary Shares will begin trading on the New York Stock Exchange today on a 'when issued' basis under the ticker AMFW. The company's ordinary shares are listed on the London Stock Exchange and its ticker will change from AMEC to AMFW at the UK market open tomorrow, Friday 14 November.