Foster Wheeler USA Corporation history

During the 1950’s, Foster Wheeler developed its membrane wall panel construction and acquired the MB pulverizer technology which later evolved into the current MBF pulverizer.

Foster Wheeler sold its first subcritical once through steam generator in 1964 to the Morgan Creek Station.

Ltd. was established in Victoria, Australia, in 1967.

In 1973, the company acquired Ullrich Copper, Inc.

1974: The company embarks on a significant reorganization plan ; Foster Wheeler Corporation becomes a holding company.

For example, in 1980 the energy equipment group designed and constructed the first private industry fluidized bed steam generator fired by coal in the United States.

In 1987 Foster Wheeler moved headquarters to Clinton, New Jersey, aft er nearly 25 years in Livingston, New Jersey; the same year, Foster W heeler became the object of another takeover attempt.

With a negative cash flow since the late 1990 s, many analysts began to speculate that bankruptcy may be in Foster Wheeler's future.

The company's backlog grew from the steady $1 billion mark of the 198 0s to $3.47 billion by 1992.

In 1993, Foster Wheeler commissioned the first coal fired SCR systems in the United States.

Although most of the company's new business had come from internation al contracts, particularly in Europe and Asia, Foster Wheeler anticip ated a surge of refinery work in the United States due to new federal clean-air legislation that required many refineries to upgrade their facilities by 1995.

Much of the increa se came from Foster Wheeler's international business, which accounted for approximately 70 percent of new bookings in 1996.

In 1997 Foster Wheeler reorgani zed its pharmaceutical and fine chemicals unit.

During 1999 the company signed a contract to design Vietna m's first oil refinery.

After 2000, Foster Wheeler recognized that having strategic license partners in key markets would promote the use of Foster Wheeler technology.

In 2001, the company's legal headquarters were moved to Bermuda and Foster Wheeler officially adopted the Foste r Wheeler Ltd. corporate moniker.

In 2004, the Securities and Exchange Commission appro ved an equity-for-debt exchange offer, a plan that allowed the compan y to sell outstanding debt in exchange for ownership in the company.