Following on from AMEC’s proposed acquisition of Foster Wheeler announced in February, Foster Wheeler has now entered into a separate agreement to acquire MDM Engineering Group. The latest MDM announcement also clarifies the situation as per the earlier agreement: “As announced, on February 13, 2014 Foster Wheeler entered into a definitive agreement with AMEC plc concerning a possible business combination of Foster Wheeler and AMEC. Foster Wheeler has informed AMEC of the transaction. Foster Wheeler does not expect the transaction to affect the timing of completion of the business combination of Foster Wheeler and AMEC.” This was previously expected in the second half of 2014.

MDM Chairman, Bill Nairn said: “Foster Wheeler is a pre-eminent global engineering company and we believe that this offer endorses the quality of the MDM business and its prospects in Africa. ” MDM Chief Executive Officer, Martin Smith said: “The merger with Foster Wheeler provides an unparalleled opportunity for continued growth of MDM and its staff via the ability to leverage Foster Wheeler’s global network of world class engineering specialists, systems and procedures, and significant balance sheet strength.” Kent Masters, Foster Wheeler’s Chief Executive Officer, said, “MDM Engineering is a strong fit for Foster Wheeler’s minerals and metals strategy to enhance global capability and capacity.”