HAMILTON, Bermuda, Oct. 10, 2003 — Foster Wheeler Ltd. announced it has finalized the sale of its Hudson Falls, New York waste-to-energy facility.
The transaction will provide Foster Wheeler with $6 million cash, remove approximately $49 million in non-recourse debt from the Company’s balance sheet and settle all outstanding litigation surrounding the plant. This sale was part of Foster Wheeler’s previously announced plan to monetize selective assets.
Under the terms of the agreement, Foster Wheeler will transfer ownership of the facility to the Industrial Development Agency (IDA) of Washington and Warren Counties (New York). Wheelabrator Technologies, a wholly owned subsidiary of Waste Management, Inc., will acquire the operating rights to the facility through 2012. At the end of the service agreement, Wheelabrator will have the option to renew the lease or purchase the plant from the IDA.
Foster Wheeler Ltd. is a global company offering a broad range of design engineering, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, oil and gas, petrochemical, chemicals, power, pharmaceutical, biotechnology and healthcare industries. Foster Wheeler Ltd. is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey. For more information about Foster Wheeler Ltd. and its affiliates, visit its website at www.fwc.com.