Foster Wheeler to buy Siemens environmental services business
Foster Wheeler has signed an asset purchase agreement with Siemens Energy to acquire the latter company's environmental systems and services business that supplies and services clean air technologies for use in power plants and industrial facilities.
Closing of the transaction is subject to customary closing conditions, and is expected in the second quarter of 2014.
The purchase includes assets of the former Wheelabrator Air Pollution Control Company located in Pittsburgh, Pennsylvania, and the Advanced Burner Technology Company located in Branchburg, New Jersey.
Combined, these businesses design, engineer, retrofit and service a broad range of clean air technologies for power and industrial plants including: wet and dry flue gas desulfurization (FGD) and particulate control (fabric filters and electrostatic precipitators), acid gas control, mercury control, NOx reduction and combustion optimization systems.
This is a strategic acquisition which expands our capability to offer clean air products and services to our clients in both the power and industrial sectors, said Gary Nedelka, CEO of Foster Wheelers global power business.
It complements our existing portfolio of clean-air products and allows us to provide our clients with a full array of solutions to meet both tightening environmental regulations and the growing demand for energy on a global basis.
Specific financial terms were not disclosed.
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