AMEC: Foster Wheeler acquisition on track

In its interim management statement, AMEC has confirmed that its acquisition of Foster Wheeler remains on track.

AMEC’s Chief Executive, Samir Brikho, said that integration planning is now well underway and the takeover is expected to be completed in the third quarter of 2014. Birkho commented: “We believe the combination of AMEC and Foster Wheeler is a compelling one, for our shareholders, our customers and our employees.”

The acquisition of Foster Wheeler is expected to be double-digit earnings enhancing in the first 12 months after completion. Further, the combination of Foster Wheeler and AMEC is expected to create sustainable value for shareholders for the long -erm, with ROIC expected to exceed the cost of capital in the second twelve month period after completion.

AMEC also announced that its year-to-date trading continues to be in line with expectations, although North American currencies remain weak vs Sterling

Order intake. “AMEC has continued to trade in line with expectations for 2014 and our record order book gives us confidence in our continued growth,” added Birkho.

Adapted from press release by Callum O'Reilly

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