Foster Wheeler announces consolidation of global power business under Bud Cherry

HAMILTON, Bermuda, September 20, 2004 (BUSINESS WIRE) — Foster Wheeler Ltd. announced that it has consolidated the management of its two power businesses into one global business under the leadership of Bud Cherry. The business unit will be known as Foster Wheeler Global Power Group, and Cherry is its chief executive officer. The combined businesses represent the business group the Company’s securities filings have historically referred to as its Energy Group.

“We have concluded that we and our customers will be best served by consolidating the leadership of these two businesses,” said Raymond J. Milchovich, chairman, president and CEO of Foster Wheeler Ltd. “The consolidation provides significant opportunities for achieving synergy across a wide spectrum of product offerings, particularly in the strategically important circulating fluidized bed (CFB) market. Bud’s success in strengthening the operational and financial performance of our North American operations made him the right person to lead the new business.”

“Each of these businesses have people with tremendous talents and experience,” said Cherry. “I am truly excited about being offered the opportunity to lead the Global Power Group to success as the strongest participant in the global market for energy equipment, aftermarket service, and environmental retrofits.”

Key senior executives of Foster Wheeler’s Power Group in Europe will now report directly to Cherry in his new position. To further strengthen the team, Chris Holt, formerly the long-time CFO of Foster Wheeler’s U.K.-based subsidiary, has been appointed as the European Power Group’s CFO.

Cherry joined Foster Wheeler in November 2002 as president and chief executive officer of Foster Wheeler Power Group, Inc. Since then, he has also assumed leadership of Foster Wheeler’s North American engineering and construction (E & C) operations based in Houston.

Prior to joining Foster Wheeler, Cherry was chief operating officer of the Oxbow Group where he was responsible for the company’s energy and minerals activities.

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