February 25, 2008 — /BUSINESS WIRE/ –HAMILTON, BERMUDA — Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that it has significantly strengthened its position in the biotech and pharmaceutical markets by completing the acquisition of 100 percent of the stock of privately held Biokinetics Inc. from MPA Holdings LP.
This acquisition enables Foster Wheeler to re-establish its position in the North American pharmaceutical market and strengthens its position relative to key U.S. pharmaceutical companies seeking to invest in the U.S. and globally. In addition, this acquisition will provide enhanced capabilities to existing Biokinetics clients.
Terms of the transaction were not disclosed.
“The pharmaceuticals, biotechnology, and healthcare market is a core market segment for Foster Wheeler and is one in which we are committed to growing our market share,” says Umberto della Sala, president and chief operating officer of Foster Wheeler Ltd. “This acquisition is part of Foster Wheeler’s overall strategy to complement organic growth in our Global Engineering and Construction business with highly targeted acquisitions. This particular transaction enables us to expand our global presence in this sector and further enhance our existing biopharmaceutical skills base. We will be able to deliver comprehensive and responsive capabilities to existing, as well as new, clients anywhere in the world. We have already established an excellent working relationship with Biokinetics and believe that the combination of our two companies’ skills and experience will add value to pharmaceutical companies developing projects in the U.S. and internationally.”
About Foster Wheeler
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development, management, research, and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG, gas-to-liquids refining, petrochemical, power, pharmaceutical, biotechnology, and healthcare industries. The company is based in Hamilton, Bermuda and its operational headquarters are in Clinton, NJ.
Visit www.fwc.com
About Biokinetics
Biokinetics was established in 1996 and is now a recognized industry leader in process systems design for the biopharmaceutical industry, with expertise in bioprocess unit operations including fermentation, mammalian cell culture, bioreactors, bacterial, and yeast fermentation recovery; live and attenuated virus processing for vaccines and plasma-derived products; associated processing and support systems; pharmaceutical fill-finish and materials handling; process simulation and optimization; modular process design; high-purity water systems; and validation services. Biokinetics is headquartered in Philadelphia, PA with additional operations in California, North Carolina, and in Carlow, Ireland. It has approximately 130 employees.
Visit www.biokinc.com