Foster Wheeler AG's
) Global Engineering and Construction Group was recently awarded an
engineering, procurement and construction management (EPCM)
contract for Owens Corning's new facility at Gastonia, NC. The
financial details of the contract were not disclosed. Foster
Wheeler will initially include the engineering, procurement and
early construction work under its first-quarter bookings while the
balance of the construction management scope is expected to be
released later in 2014.
This new facility at Gastonia will be supporting the growing
demand for glass non-woven products serving the global building
materials market. Non-woven products feature enhanced aesthetics,
mold and fire prevention and corrosion resistance.
Foster Wheeler's Global Engineering and Construction Group also
received an EPCM contract from BOC, which was incorporated in
Foster's first-quarter 2014 bookings. Separately, Foster Wheeler
has been executing several engineering, procurement and
construction (EPC) contracts in Saudi Arabia through its Global
Engineering and Construction Group for Saudi Aramco.
Foster Wheeler's Global Engineering and Construction Group
operates worldwide and designs, engineers and constructs onshore
and offshore upstream oil and gas processing facilities, natural
gas liquefaction plants and receiving terminals, gas-to-liquids
facilities, oil refining, chemical and petrochemical,
pharmaceutical and biotechnology facilities and related
infrastructure, including power generation and distribution
facilities, and gasification facilities. The company is benefiting
significantly from the segment's robust performance and healthy
Foster Wheeler currently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the sector worth considering at the moment
Willdan Group Inc
AO Smith Corp
). All three sport a Zacks Rank #1 (Strong Buy).
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