Date: March 6, 2003
Source: News Room
Foster Wheeler Ltd. (NYSE: FWC) has announced the sale of the operating business of its wholly owned subsidiary, Foster Wheeler Environmental Corporation, to Tetra Tech, Inc. on March 7, 2003. Foster Wheeler received immediate net cash proceeds of approximately $80 million. Foster Wheeler also expects to receive an additional $57 million before year-end under FWENC's contract with a federal agency, which was not included in the sale. These cash proceeds will be added to the company's worldwide cash balances as of December 31, 2002, of $429 million and will be available for general corporate purposes.
More information: www.tetratech.com.
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