Kent Masters News

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”) on terms consistent with the merger implementation agreement entered into on March 12, 2014. MDM will become part of the rapidly growing Minerals and Metals group within Foster Wheeler. “This acquisition is part of our strategy to continue to enhance our global capability and capacity in the minerals and metals market. It provides a platform for growth in Africa, one of the fastest growing mining regions in the world, and in other regions, and we look forward to working with the MDM team to achieve our growth objectives,” said J. Kent Masters, Chief Executive Officer, Foster Wheeler AG.

Foster Wheeler AG (Nasdaq: FWLT) today reported income from continuing operations for the second quarter of 2014 of $85.6 million, or $0.85 per diluted share, compared with $68.3 million, or $0.68 per diluted share, in the second quarter of 2013. Income from continuing operations in both quarterly periods was impacted by net asbestos-related gains and provisions, as detailed in an attached table. Excluding such items from both quarterly periods, adjusted income from continuing operations in the second quarter of 2014 was $86.8 million, or $0.86 per diluted share, compared with $54.6 million, or $0.54 per diluted share, in the year-ago quarter.