Foster Wheeler Acquires Oil, Gas Business

NEW YORK (AP) — Engineering and construction company Foster Wheeler AG said Thursday it has acquired a Houston-based oil and natural gas production business for undisclosed terms.

Foster Wheeler's global engineering and construction group completed the acquisition of the majority of assets of Atlas Engineering Inc., Foster Wheeler said.

The global power group designs and makes steam generating and auxiliary equipment for power stations and industrial facilities and also provides aftermarket repair and maintenance services.

The acquisition is another step to increasing Foster Wheeler's technical capabilities in the oil and gas business, said Umberto della Sala, president and chief operating officer.

Chris Vrakas, who has served as president of Atlas, joins the Zug, Switzerland, company in an unspecified leadership role for the business.

Shares of Foster Wheeler jumped $1.65, or 5.8 percent, to $30.05 in afternoon trading.