Foster Wheeler acquires UK's Ingen Ideas, no terms

Foster Wheeler acquires UK-based field development co. Ingen Ideas for undisclosed sum

Associated Press

NEW YORK (AP) -- Swiss engineering and construction company Foster Wheeler AG said Tuesday it acquired the United Kingdom's Ingen Ideas for an undisclosed sum.

Ingen specializes in field development and research for oil and gas fields. Its expertise covers process engineering, flow assurance, enhanced oil and gas recovery, carbon management and petroleum engineering, Foster Wheeler said.

Ingen will become part of Foster Wheeler's Europe, Middle East, Africa upstream operations, which already operate in the United Kingdom, the company said.

Foster Wheeler said the move is part of its plan to boost its upstream capabilities, particularly for offshore activities.

In morning trading, Foster Wheeler's U.S. shares fell 58 cents, or 2 percent, to $23.05.

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