Foster Wheeler's Board of Directors has approved management's proposal to relocate the company's operating headquarters from Perryville, New Jersey to Geneva, Switzerland. The company will continue to remain domiciled in Zug, Switzerland.
This decision is effective immediately, the transition has already begun, and the affected executives will begin operating from Switzerland in January 2010.
Raymond J. Milchovich, chairman and chief executive officer of Foster Wheeler AG, said, "Given the worldwide growth of Foster Wheeler, nearly 85% of our business is currently outside of North America. As a result, this relocation will significantly increase management effectiveness by having our senior executive team in much closer proximity to our markets, clients and operations."
Milchovich added, "This move also is the logical next step for us after the redomestication of the company to Switzerland earlier this year. Most importantly, it positions us well to maintain an extremely competitive worldwide effective tax rate, which is consistent with our objective of generating superior returns for our shareholders."
The key executive positions that will relocate to Geneva include Chief Executive Officer; Executive Vice President, Chief Financial Officer and Treasurer; General Counsel; Executive Vice President of Human Resources; Vice President, Tax; Vice President and Chief Corporate Compliance Officer; and Vice President, Corporate Development.
The President and Chief Operating Officer and the Vice President, Project Risk Management will continue to operate from their current locations in Europe.
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