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Foster Wheeler Appoints Franco Anselmi as Chief Executive Officer, Foster Wheeler Asia Pacific

  • Monday, October 4, 2004 6:31PM IST (1:01PM GMT)
Bermuda, Hamilton, United Kingdom: Foster Wheeler Ltd. (OTCBB:FWLRF) announced today that, effective November 1, 2004, Franco Anselmi has been appointed chief executive officer of Foster Wheeler Asia Pacific (APAC). Mr. Anselmi will succeed Gareth Attwood, who will be assuming the position of senior project director on one of Foster Wheeler's major international projects. "The Asia Pacific region has always been a key market for Foster Wheeler, where we have built an impeccable track record for executing safe, successful projects," said Raymond J. Milchovich, chairman, president and CEO of Foster Wheeler Ltd. "Franco will provide the experience and leadership to deliver the company's full potential in this region." Mr. Anselmi most recently has been responsible for project management, process design, engineering, procurement and construction in the company's execution centers in Italy, France, Spain and Turkey as director of contract operations for Foster Wheeler Continental Europe. He also has extensive project execution experience gained as project director for major projects in Europe and Asia. In the late 1980s, Mr. Anselmi established Foster Wheeler's Singapore operation, which has gone on to develop a reputation for EPC project execution excellence, and he served as its managing director for four years. He holds a degree in chemical engineering. "Gareth has been instrumental in guiding the development of our Thailand operations into one of the region's largest and most cost-effective EPC operations," said Mr. Milchovich. "During the last year, Gareth has led the establishment of Foster Wheeler Asia Pacific, which has combined our engineering centers in Thailand, Singapore, Malaysia and China under one leadership, fully focused on providing clients in this strategically important region with a complete, cost-effective and responsive local service. We are grateful to him for his excellent work." NOTES TO EDITORS: -- Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of design, engineering, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, visit our Web site at www.fwc.com. -- Safe Harbor Statement This news release contains forward-looking statements that are based on management's assumptions, expectations and projections about the company and the various industries within which the company operates. These include statements regarding our expectations regarding revenues (including as expressed by our backlog), liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The company cautions that a variety of factors, including but not limited to the factors described under the heading "Business--Risk Factors of the Business" in the company's most recent annual report on Form 10-K/A and the following, could cause the company's business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies, changes in investment by the power, oil and gas, pharmaceutical, chemical/petrochemical and environmental industries, changes in the financial condition of our customers, changes in regulatory environment, changes in project design or schedules, contract cancellations, changes in estimates made by the company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, outcomes of pending and future litigation, including litigation regarding our liability for damages and insurance coverage for asbestos exposure, protection and validity of patents and other intellectual property rights, increasing competition by foreign and domestic companies, changes in financial markets, compliance with debt covenants, monetization of certain power systems facilities, implementation of our restructuring plan, recoverability of claims against customers and others, changes in estimates used in critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

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