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Stock Market & Financial Investment News

News Breaks
June 4, 2014
07:35 EDTFWLT, OCFoster Wheeler awarded EPCM contract for Owens Corning facility
Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has been awarded an engineering, procurement and construction management contract by Owens Corning (OC) for a new composite materials manufacturing facility at Gastonia, North Carolina. The plant will produce a paper-like glass-fiber tissue that is used in various industries to add strength to products while also reducing their weight. Foster Wheeler's contract value was not disclosed. The engineering, procurement and early construction work was included in the company’s 1Q14 bookings and the balance of the construction management scope is expected to be released later in 2014.
News For FWLT;OC From The Last 14 Days
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October 20, 2014
07:19 EDTOCOwens Corning downgraded at Wedbush
As previously reported, Wedbush downgraded Owens Corning to Neutral from Outperform. The firm downgraded shares based on continued pricing and margin pressures following a competitor dropping prices and a more challenging roofing environment. Price target lowered to $35 from $43.
07:14 EDTOCOwens Corning downgraded to Neutral from Outperform at Wedbush
October 14, 2014
07:31 EDTFWLTFoster Wheeler awarded contract from PEMEX
Foster Wheeler announced that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by PEMEX REFINACIÓN for an ultra-low sulfur diesel project at the Salina Cruz refinery, Oaxaca, Mexico. Foster Wheeler’s scope of work, which also includes start-up and testing, is scheduled to be completed in 2018. The Foster Wheeler contract value was not disclosed. The initial release of work, relating to detailed design and the procurement of long-lead items, will be included in the company’s Q3 bookings. The balance of the agreed workscope is expected to be released in FY15. The investment in the Salina Cruz refinery, in excess of $500M, is part of a clean fuels program being implemented by PEMEX as a result of the country’s recent Energy Reform. The objective of the program is to significantly reduce the sulfur content of diesel produced from 500 to 15 parts per million.

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