Foster Wheeler AG’s (FWLT) Global Engineering and Construction Group was recently awarded an engineering, procurement and construction management (:EPCM) contract for Owens Corning’s new facility at Gastonia, NC. The financial details of the contract were not disclosed. Foster Wheeler will initially include the engineering, procurement and early construction work under its first-quarter bookings while the balance of the construction management scope is expected to be released later in 2014.
This new facility at Gastonia will be supporting the growing demand for glass non-woven products serving the global building materials market. Non-woven products feature enhanced aesthetics, mold and fire prevention and corrosion resistance.
Foster Wheeler’s Global Engineering and Construction Group also received an EPCM contract from BOC, which was incorporated in Foster’s first-quarter 2014 bookings. Separately, Foster Wheeler has been executing several engineering, procurement and construction (:EPC) contracts in Saudi Arabia through its Global Engineering and Construction Group for Saudi Aramco.
Foster Wheeler’s Global Engineering and Construction Group operates worldwide and designs, engineers and constructs onshore and offshore upstream oil and gas processing facilities, natural gas liquefaction plants and receiving terminals, gas-to-liquids facilities, oil refining, chemical and petrochemical, pharmaceutical and biotechnology facilities and related infrastructure, including power generation and distribution facilities, and gasification facilities. The company is benefiting significantly from the segment’s robust performance and healthy backlog levels.
Foster Wheeler currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the sector worth considering at the moment include Willdan Group Inc. (WLDN), Enersys Inc. (ENS) and AO Smith Corp (AOS). All three sport a Zacks Rank #1 (Strong Buy).