Company:Amec Foster Wheeler

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Amec Foster Wheeler plc
TypePublic limited company
LSE: [Script error: No such module "Stock tickers/LSE". AMFW] NYSE: AMFW
IndustryEngineering and project management
Founded2014 Amec Foster Wheeler
1982 AMEC plc
1927 Foster Wheeler AG
1848 Matthew Hall
HeadquartersLondon, United Kingdom
Key people
John Connolly (Chairman)
Jonathan Lewis (CEO)
Revenue£5,440 million (2016)[1]
£300 million (2016)[1]
£(514) million (2016)[1]
Number of employees
36,000 (2017)[2]
Websitewww.amecfw.com

Amec Foster Wheeler plc was a British multinational consultancy, engineering and project management company headquartered in London, United Kingdom until its acquisition by and merger into Wood Group in October 2017.[3] It was focused on the Oil, Gas & Chemicals, Mining, Power & Process and Environment & Infrastructure markets, with offices in over 55 countries worldwide.[4] Roughly a third of its turnover came from Europe, half from North America and 12% from the rest of the world.[5]

Amec Foster Wheeler shares were publicly traded on the London Stock Exchange and its American Depositary Shares were traded on the New York Stock Exchange.

History

AMEC was formed from the 1982 amalgamation of Leonard Fairclough & Son (founded 1883) and the William Press Group (founded 1913). In 1988, AMEC went on to acquire Matthew Hall Group.[6] In 1996, AMEC took a 40% stake in Spie Batignolles from Schneider in association with a management buyout.[7] Amec launched the AMEC SPIE brand for engineering services in Europe,[8] a rail construction business AMEC Spie Rail was created, and the remaining construction business was retained as Spie Batignolles.[9] The company announced that it would seek to sell the construction arm of the business Spie Batignolles, and entered negotiations to secure a management buyout of that division;[9][10] the management buyout of the construction arm of Spie was completed in September 2003 with the aid of Barclays Private Equity Finance[11] and later that year Amec took full control of the remaining parts of Spie.[12]

Acquisitions in the new millennium included Ogden Environmental & Energy Services[13] and AGRA Monenco Inc., a North American engineering and services company, both in 2000[14] as well as the U.S. operations and equipment of Lauren Kamtech in 2003.[15] Then in 2004, AMEC was awarded a contract to assist in the reconstruction effort in Iraq, as part of a joint venture with Fluor Corp.[16]

In 2005, AMEC acquired UK-based NNC, a large nuclear consulting company and its subsidiaries, including Ontario-based Nuclear Safety Solutions ('NSS'), the nuclear safety division of OPG, which was spun off when OPG was privatised.[17] The European engineering business, AMEC SPIE, was sold to PAI Partners for €1,040 million in 2006[18][19][20][21] and the European rail business joint venture Amec Spie Rail systems was sold for an estimated £200million in 2007, to Colas Group.[22][23][24]

In 2007, AMEC sold its UK construction arm to Morgan Sindall[25] and in 2008, it sold its internal plant hire division to Speedy Hire[26] before buying project services company Rider Hunt International,[27] North American environmental consulting firm Geomatrix Consultants, Inc., and Slovakian nuclear services company AllDeco.[28] In 2009, AMEC acquired Performance Improvement Group, Journeaux, Bedard & Associates and GRD Limited[29] and in 2010, it continued to expand with the £61.2 m purchase of Entec UK, one of the UK's largest Environmental Consultancies.[30] GRD Ltd. was a Perth-based company incorporating three companies Global Renewables, GRD Minproc, and Kirfeild.[31] AMEC also acquired Australian-based businesses Currie and Brown (Australia)[32] and BurmanGriffiths and acquired a majority stake in S2V Consulting.[33]

In 2011, the company acquired US-based BCI Engineers & Scientists, Inc.,[34] MACTEC, a US-based engineering consultancy company,[35] and Zektin Group, an Australian-based specialist engineering consultancy for the oil and gas and resources industries.[36] In January 2014, AMEC provisionally agreed a £1.9bn takeover of Swiss rival Foster Wheeler.[37] AMEC completed its purchase of Foster Wheeler on 13 November 2014 and simultaneously changed its name to Amec Foster Wheeler plc.[38] The acquisition coincided with a downturn in revenues from the oil and gas sectors, its primary clients, leading to crippling debt.[39] The resultant financial difficulties led to the company's chief executive Samir Brikho stepping down.[40][41]

In March 2017, Wood Group announced it would acquire the company for £2.2 billion.[42] The transaction was completed on 9 October 2017.[43]

Operations

Head office of Amec Foster Wheeler in London (on the right)

Amec Foster Wheeler employed over 40,000 people in more than 55 countries, including Afghanistan, Australia, Azerbaijan, Brazil, Canada, Chile, China, India, Kuwait, Qatar, Peru, Poland, Turkey and the United States. The company had three geographic business units covering engineering and project delivery operations - Americas; Northern Europe & Commonwealth of Independent States; Asia, Middle East, Africa & Southern Europe - and one power equipment business unit operating worldwide - The Global Power Group.[44]

AMEC's operations were structured until October 2012 into Natural Resources, Power & Process and Environment & Infrastructure.[45]

Although AMEC's UK construction business has been discontinued, the following construction projects were notable: the Kielder Dam completed in 1982,[46] the Cumberland Infirmary completed in 2001,[47] the M6 Toll completed in 2003,[48] new offices for HM Revenue and Customs at Longbenton completed in 2005,[49] the Docklands Light Railway City Airport extension completed in 2005,[50] the University College London Hospital completed in 2005[51] and the New York Times Building completed in 2007.[52]

Charity

Amec Foster Wheeler has supported children's charity SOS Children's Villages since 2007, funding educational projects in Asia. Amec Foster Wheeler also funded a green project in the Children's Village in Gwagwalada, Nigeria, enabling houses to become self-sufficient following the installation of solar power and water infrastructure.[53]

See also

References

  1. ↑ 1.0 1.1 1.2 "Annual Results 2016". Amec Foster Wheeler. http://www.amecfw.com/documents/investors-docs/results-centre/2017/full-year-results-2016/rns-fy2016-final.pdf. Retrieved 26 April 2017. 
  2. ↑ "Amec Foster Wheeler at a glance". Amec foster Wheeler. http://www.amecfw.com/aboutus/at-a-glance. Retrieved 16 April 2017. 
  3. ↑ "At a glance". AMEC plc. Archived from the original on 5 September 2010. https://web.archive.org/web/20100905134258/http://www.amecfw.com/aboutus/at_a_glance.htm. 
  4. ↑ "At a glance". amecfw.com. http://www.amecfw.com/aboutus/at-a-glance. Retrieved 17 November 2015. 
  5. ↑ "Key facts". AMEC plc. Archived from the original on 23 August 2010. https://web.archive.org/web/20100823020409/http://www.amec.com/investors/key_facts/geographical_analysis.htm. Retrieved 4 September 2010. 
  6. ↑ Notes on Financial Times Actuaries Index 1988
  7. ↑ Michael Harrison (21 December 1996), "Amec firmly in Europe with pounds 40m Spie buy", www.independent.co.uk (London: The Independent), https://www.independent.co.uk/news/business/amec-firmly-in-europe-with-pounds-40m-spie-buy-1315535.html 
  8. ↑ "AMEC SPIE Brand Launched Across Continental Europe", www.amec.com (AMEC), 1 July 2003, http://www.amec.com/page.aspx?pointerid=f6bea91b1fd34c2bb1d88aec01eef81e 
  9. ↑ 9.0 9.1 Jay P. Pederson, ed. (2004), "International Directory of Company Histories", www.fundinguniverse.com (St. James Press) 57: pp. 28–31, http://www.fundinguniverse.com/company-histories/Amec-Spie-SA-Company-History.html  (Google books)
  10. ↑ "Amec in talks over Spie Batignolles sale", business.scotsman.com (The Scotsman), 20 May 2003, http://business.scotsman.com/business/Amec-in-talks-over-Spie.2428841.jp 
  11. ↑ "Spie Batignolles: History" (in French). www.spiebatignolles.fr. Archived from the original on 22 February 2009. https://web.archive.org/web/20090222084833/http://www.spiebatignolles.fr/groupe/groupe_historique.aspx. 
  12. ↑ "Exercise Of Option To Acquire Outstanding Shares In Spie And Trading Update", www.amec.com (AMEC), 5 December 2002, http://www.amec.com/page.aspx?pointerid=7543e20456f446a8a785593c2bb1799a 
  13. ↑ Phoenix Business Journal (30 October 2000). "Amec buys Ogden Corp subsidiary". Bizjournals.com. http://www.bizjournals.com/phoenix/stories/2000/10/30/daily10.html. Retrieved 18 April 2011. 
  14. ↑ AMEC history – 2000 acquisition of AGRA
  15. ↑ "AMEC acquires Lauren Kamtech’s U.S. operations to enhance project delivery in North America". Amec.com. 2 October 2003. http://www.amec.com/page.aspx?pointerid=b66fe8140f2f4ff4845345fcd3a415e3. Retrieved 18 April 2011. 
  16. ↑ Terry Macalister (25 March 2004). "Amec deal saves Government blushes in Iraq". Guardian (UK). https://www.theguardian.com/Iraq/Story/0,,1177375,00.html. Retrieved 18 April 2011. 
  17. ↑ Amec offers to buy NNC Holdings
  18. ↑ "Disposal of AMEC SPIE", www.amec.com (AMEC), 27 July 2006, http://www.amec.com/page.aspx?pointerid=601ada60aafe46249bd1b9ed53588781 
  19. ↑ "AMEC plc ("AMEC") Sale of AMEC SPIE", www.amec.com (AMEC), 22 May 2006, http://www.amec.com/page.aspx?pointerid=781b51ba38ae4aeda7ff8ec9e57d8079 
  20. ↑ Caroline Muspratt (24 November 2005), "Amec sells off Spie and considers splitting remaining group", www.telegraph.co.uk (London: The Telegraph), https://www.telegraph.co.uk/finance/2926821/Amec-sells-off-Spie-and-considers-splitting-remaining-group.html 
  21. ↑ "AGM TRADING STATEMENT Proposed sale of AMEC SPIE and overall trading on track", www.amec.com (AMEC), 17 May 2006, http://www.amec.com/page.aspx?pointerid=b93f148eaf234f5aa00ec22d52280aee 
  22. ↑ Ian Fraser (25 February 2007), "Amec sells half of specialist rail arm to French company", www.ianfraser.org (Sunday Herald), http://www.ianfraser.org/amec-sells-half-of-specialist-rail-arm-to-french-company/ 
  23. ↑ Steve Hawkes (19 February 2007), "Amec sells out of rail business", business.timesonline.co.uk (London: The Times), http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article1405182.ece 
  24. ↑ "AMEC to sell stake in rail firm", uk.reuters.com (Reuters), 19 February 2007, http://uk.reuters.com/article/2007/02/19/uk-amec-colas-idUKL1919259820070219 
  25. ↑ Morgan Sindall buys Amec's ailing construction business Building, 4 June 2007
  26. ↑ Goodman, Eleanor (9 January 2008). "Speedy Hire buys Amec equipment hire arm". Building.co.uk. http://www.building.co.uk/story.asp?sectioncode=284&storycode=3103297&c=1. Retrieved 18 April 2011. 
  27. ↑ AMEC acquires leading project services company Rider Hunt International
  28. ↑ "Amec buys nuclear firm for £11.1m". Construction News. 22 July 2008. http://www.cnplus.co.uk/news/amec-buys-nuclear-firm-for-111m/1738686.article. Retrieved 24 February 2013. 
  29. ↑ Amec buys GRD Builder & Engineer
  30. ↑ Amec moves to buy Entec Planning Resource, 2 April 2010
  31. ↑ GRD website
  32. ↑ Harris, James. "AMEC buys Currie & Brown". Mandadeals.co.uk. http://www.mandadeals.co.uk/m-and-a-news/1145348/amec-buys-currie-and-brown.thtml. Retrieved 18 April 2011. 
  33. ↑ "AMEC Purchases Majority Shareholding In S2V Consulting". Realtimetraders.com. http://realtimetraders.com/ArticleView.aspx?Id=1499265. Retrieved 18 April 2011. 
  34. ↑ "Amec buys BCI Engineers and Scientists Inc for 20 million cash". Advfn.com. http://www.advfn.com/lse/ShareNews.asp?sharenews=AMEC&article=46264804&headline=amec-buys-bci-engineers-and-scientists-inc-for-20-million-cash. Retrieved 18 April 2011. 
  35. ↑ Amec completes acquisition of Mactec[yes|permanent dead link|dead link}}] Fox Business, 6 June 2011
  36. ↑ AMEC to buy Australian firm Zektin Sage Construction
  37. ↑ Amec offers £1.9bn to buy Swiss rival Foster Wheeler BBC, 13 January 2014
  38. ↑ "AMEC successfully completes offer for Foster Wheeler". oilvoice. 13 November 2014. http://www.oilvoice.com/n/AMEC-successfully-completes-offer-for-Foster-Wheeler/84422056e9ff.aspx. Retrieved 27 November 2014. 
  39. ↑ Thomas, Nathalie; Ward, Andrew; Massoudi, Arash (13 March 2017). "Wood Group offer comes just in time for Amec Foster Wheeler". The Financial Times Ltd. https://www.ft.com/content/1cbb40f8-07f4-11e7-97d1-5e720a26771b. Retrieved 19 July 2018. 
  40. ↑ Bow, Michael (19 January 2016). "Amec Foster Wheeler chief Samir Brikho exits as board loses faith". Independent Digital News & Media. https://www.independent.co.uk/news/business/news/amec-foster-wheeler-chief-ian-mchoul-exits-as-board-loses-faith-a6820386.html. Retrieved 19 July 2018. 
  41. ↑ Lea, Robert (13 March 2017). "Chief who shot himself in the foot". Times Newspapers Ltd. https://www.thetimes.co.uk/article/chief-who-shot-himself-in-the-foot-96mddjns2. Retrieved 19 July 2018. 
  42. ↑ "Wood Group agrees takeover of rival Amec Foster Wheeler - BBC News". Bbc.co.uk. 1970-01-01. https://www.bbc.co.uk/news/business-39253416. Retrieved 2017-03-13. 
  43. ↑ "Wood Group completes £2.2bn takeover of Amec Foster Wheeler". City AM. 9 October 2017. http://www.cityam.com/273549/wood-group-completes-gbp22bn-takeover-amec-foster-wheeler. Retrieved 9 October 2017. 
  44. ↑ "Amec Foster Wheeler". amecfw.com. http://www.amecfw.com/media/news-releases/2014/amec-foster-wheeler-a-new-force-in-global-engineering-project-delivery-asset-support-power-equipment-and-consultancy. Retrieved 5 March 2015. 
  45. ↑ Amec Preliminary Results 2007
  46. ↑ "Structure information". Sine.ncl.ac.uk. 26 March 2004. Archived from the original on 13 June 2011. https://web.archive.org/web/20110613015527/http://sine.ncl.ac.uk/view_structure_information.asp?struct_id=3544. Retrieved 18 April 2011. 
  47. ↑ "Visit Cumbria". Visit Cumbria. Archived from the original on 21 May 2011. https://web.archive.org/web/20110521080830/http://visitcumbria.com/hospitals.htm. Retrieved 18 April 2011. 
  48. ↑ "Motorway Archive". Iht.org. Archived from the original on 23 June 2009. https://web.archive.org/web/20090623074741/http://www.iht.org/motorway/m6toll.htm. Retrieved 18 April 2011. 
  49. ↑ Amec: Public & Private buildings
  50. ↑ "Docklands Light Railway – London City Airport extension now open". Londoncityairport.com. 6 December 2005. http://www.londoncityairport.com/index.php?mode=news&action=showStory&sId=936. Retrieved 18 April 2011. 
  51. ↑ University College London Hospital wins award
  52. ↑ "New York Times Project added to National OSHA Partnership with AMEC Americas". Osha.gov. 9 November 2005. Archived from the original on 18 October 2011. https://web.archive.org/web/20111018070530/http://osha.gov/pls/oshaweb/owadisp.show_document?p_table=NEWS_RELEASES&p_id=11682. Retrieved 18 April 2011. 
  53. ↑ "Amec Foster Wheeler Partnership with SOS Children". http://www.soschildrensvillages.org.uk/get-involved/corporate-partnership/our-corporate-partners/amec-foster-wheeler. Retrieved 10 July 2015. 

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