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Hot wheel Foster Wheeler is a leader in the construction and maintenance of energy plants. The company offers a broad range of engineering, construction, and plant operation services through its various subsidiaries. These are organized into three groups: the Engineering and Construction Group, the Energy Equipment Group, and the Power Systems Group. A global leader in the construction and operation of waste-to-energy plants, the company has recently expanded its market share in the petroleum and chemical industries. The company makes 70 percent of its revenues from overseas contracts, in part through oil and petrochemical projects in developing nations. Now and then Foster Wheeler was created through the 1927 merger of two family-owned energy businesses. During the 1960s, the company emphasized diversification, adding to its existing businesses in petrochemicals, fertilizer, and energy. More recently, Foster Wheeler has been able to capitalize on the increasing need for power overseas. The company has added successful subsidiaries in East Asia and Latin America. Its current projects include a petroleum coking and cogeneration facility in Chile, a heavy industry venture with Mitsubishi's new plant in China, and one of the world's largest waste-to-energy plants in Portugal. Stock drop Despite numerous new contracts and billions of dollars worth of back orders, Foster Wheeler's stock price has sunk like a brick since 1997. After reporting a net loss of $10.5 million in 1997 (its first year-end loss since 1963), share prices fell 75 percent to a 10-year low by autumn 1998. The decline has been attributed to low oil prices, the Asian economic crisis, and the company's considerable debt. Industry observers, however, also point to Foster Wheeler's affinity for acquisition - whether they complement existing businesses or not. In response to the disappointing results, Foster announced in mid-1999 that it would cut approximately 1,600 jobs. Wheeler and dealer Despite the struggles, Foster Wheeler secured many lucrative contracts in 1998. Among these were a $160 million deal to supply equipment to a refinery in Turkey, a $100 million construction deal with Merck for a pharmaceutical plant in Singapore, and a $300 million contract for the expansion of a Shell Oil refinery in Deer Park, Texas. Foster Wheeler also signed an exclusive agreement with Starchem Technologies, Inc. in 1999, to develop and market a method of using methanol as a cheap liquid fuel for the power generation process. Additionally, the United States provided the company with a $50 million contract to extract radioactive material from its Energy Fernald facility and reduce radon gas in its storage tanks. The company was awarded many contracts with foreign companies in 1999 as well. Foster Wheeler was granted a $30 million contract to renovate Elf Antar France's hydrodesulfurization plant and build a new water stripper unit so the company could comply with recent regulations. The Swedish company Energi & Vatten also provided Foster Wheeler with a $50 million contract to replace the company's coal-fired boiler with a new biofueled circulating one that was more environmentally friendly. Furthermore, ESB, the state utility of Ireland, provided Foster Wheeler with a $13 million contract to prolong the life of its generating system by building a bubbling-bed boiler. Shell Philippines Explorations B.V. selected Foster Wheeler's British division to build an onshore gas plant to remove hydrogen sulfide from gas and convert it into sulfur as well. Foster Wheeler is also designing Vietnam's Dung Quat Refinery. The completed refinery will process 6.5 million tons of crude oil and be the first built in Vietnam. Additionally, Foster has secured contracts with companies in Italy, and in the Czech Republic.
Job openings are posted in the careers section of the Foster Wheeler web site. Applicants can submit resumes online in response to listings or just add them to the company database even though some Foster Wheeler insiders claim that "the best way to get an interview is through referrals." Those applying to specific openings may also mail or fax their resumes to the appropriate contacts (a contact is indicated on each job listing). Applicants interested in a particular subsidiary should apply directly.
Slightly rigid Overall, Foster Wheeler is a "well organized, global company," though its rapid expansion contributes to the "considerable challenge" of reconciling "disparate" corporate cultures. Additionally, "because of the well-established corporate culture," some insiders find it "difficult to move up the ranks." "It's hard to generalize about pay and perks," says one contact, "because those things are controlled by regional headquarters." Fair pay, supportive atmosphere Insiders note that they sometimes work "many hours including weekends." Everyone agrees, however, that compensation "is comparable to the rest of the industry," and "more or less merit- and performance-based." Adds another source: "FW really believes in grooming its new talent, so young people get a lot of encouragement and support."
Human Resources
Chemical and petroleum plants;Steam generating equipment;Power systems
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