Foster Wheeler Awarded EPCM Contract for Owens Corning Manufacturing Facility in U.S.

  Foster Wheeler Awarded EPCM Contract for Owens Corning Manufacturing
  Facility in U.S.

Business Wire

ZUG, Switzerland -- July 3, 2014

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its
Global Engineering and Construction Group has been awarded an engineering,
procurement and construction management contract by Owens Corning (NYSE:OC)
for a new composite materials manufacturing facility in Gastonia, North
Carolina. The Gastonia operation will support growing customer 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 contract value was not disclosed. The engineering,
procurement and early construction work was included in the company’s
first-quarter 2014 bookings and the balance of the construction management
scope is expected to be released later in 2014.

“We are very pleased to have been awarded this contract by Owens Corning,”
said Roberto Penno, Chief Executive Officer, Foster Wheeler Global Engineering
and Construction Group. “This project will be executed by our Cary, NC, team,
part of our Process & Industrial (P&I) Division in the U.S. This award
reflects the strong relationship our P&I Division has developed with Owens

Foster Wheeler’s scope of work is expected to be completed by the end of 2015.

Foster Wheeler AG is a global engineering and construction company and power
equipment supplier delivering technically advanced, reliable facilities and
equipment. The company employs approximately 13,000 talented professionals
with specialized expertise dedicated to serving its clients through one of its
two primary business groups. The company’s Global Engineering and Construction
Group designs and constructs leading-edge processing facilities for the
upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and
petrochemicals, power, minerals and metals, environmental, pharmaceuticals,
biotechnology and healthcare industries. The company’s Global Power Group is a
world leader in combustion and steam generation technology that designs,
manufactures and erects steam generating and auxiliary equipment for power
stations and industrial facilities and also provides a wide range of
aftermarket services. The company is based in Zug, Switzerland, and its
operational headquarters office is in Reading, United Kingdom. For more
information about Foster Wheeler, please visit our website at

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consider the areas of risk described above in connection with any
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advised, however, to consult any additional disclosures the Company makes in
proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K
and current reports on Form 8-K filed with or furnished to the Securities and
Exchange Commission.


Foster Wheeler AG
Media and Investors
Scott Lamb, 908-730-4155
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