ZUG, Switzerland--(BUSINESS WIRE)--Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of Foster Wheeler AG has entered into a 20-year agreement with Essar Projects India Ltd. (EPIL), a subsidiary of Essar Group, to provide a technology license for utility sized circulating fluidized-bed (CFB) steam generators to be sold in India.
The terms of the agreement were not disclosed, and the contract value was included in the second-quarter 2011 bookings. Future royalty payments will be recorded over the life of the agreement.
“By providing Foster Wheeler with full access to the fast-growing power market in India, this agreement with Essar allows Foster Wheeler to further demonstrate our world-class utility CFB technology and increase our market penetration in this region of the world,” said Gary Nedelka, Chief Executive Officer of Foster Wheeler Global Power Group.
“Essar Projects has entered into this licensing agreement with Foster Wheeler because they are the undisputed technology market leader in CFB combustion. EPIL believes that CFB technology is the future for the Indian market given the constrained fuel supply situation and the ever increasing environmental concerns,” said Alwyn Bowden, Chief Executive Officer of Essar Projects Ltd. “Foster Wheeler’s CFB technology addresses both of these customer concerns with world-class products that will provide the necessary boost to expand and consolidate Essar Projects’ position as one of the key players in power plant construction in India.”
Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
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