Geneva, Switzerland (GenevaLunch) - Seven top executives of Foster Wheeler, a major producer of power plants and refineries, are to move from Perryville, New Jersey to Geneva, Switzerland in order to be closer to the company’s markets. The company is domiciled in Zug, Switzerland, and employs 14,000 people worldwide.
The company’s outgoing CEO, Raymond Milchovich, says that 85 percent of Foster Wheeler’s business comes from outside North America. “This move also is the logical next step for us after the re-domestication 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.”
Milchovich is stepping down as CEO but remains on the board, and will be replaced by Robert Flexon, currently president of Foster Wheeler USA.
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News story, GenevaLunch, 20 December 2009.
Filed under: Business
Tags: energy, Foster Wheeler, Perryville NJ, power plants, Raymond Milchovich, refineries, Robert Flexon, Zug
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