Foster Wheeler Ltd.

From SourceWatch
Jump to navigation Jump to search

Foster Wheeler Ltd. incorporated in Bermuda in 2001.

"With over $280 million in federal contract obligations in fiscal year 2001, Foster Wheeler, Ltd., was the 57th largest publicly traded federal contractor. Sixty-two percent of Foster Wheeler contracts were with the Department of Defense, with another 34 percent held by the Department of Energy. Fifty-three percent of the contract dollars were for hazardous waste cleanup or other environmental services, with another one-third for facilities maintenance or construction."[1]

"According to filings with the Securities and Exchange Commission (SEC), the Foster Wheeler Corporation was originally incorporated in New York in 1900 and reorganized to become a Bermuda corporation in 2001. In order to accomplish its change in domicile, it established a new subsidiary, Foster Wheeler, Ltd., based in Bermuda and wholly owned by Foster Wheeler Corporation. Foster Wheeler, Ltd., indirectly owned another company, Foster Wheeler LLC, a Delaware company. On May 25, 2001, Foster Wheeler LLC became the surviving entity of a merger with Foster Wheeler Corporation. Because Foster Wheeler LLC was already a subsidiary of Foster Wheeler, Ltd., the Bermuda corporation became the new parent company. All shares in the Foster Wheeler Corporation were converted into shares of Foster Wheeler, Ltd. According to the prospectus to shareholders filed with the SEC, the Foster Wheeler Corporation made this transaction to have a more favorable regulatory environment, attract non-US investors, improve their worldwide effective tax rate, and provide for greater flexibility to restructure."[2]

Other Related SourceWatch Resources