Foster Wheeler to spilt shares

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Foster Wheeler has announced that it’s board of directors has approved a two-for-one stock split of its common shares.

The move, which is subject to shareholder approval, is currently scheduled for January 8, 2008 at a special general meeting of shareholders. This is dependent on the company’s definitive proxy statement being mailed to shareholders in early December 2007.

‘The company is on pace to report record-setting financial results again in 2007,’ said chairman and CEO Raymond J Milchovich. ‘The markets we serve remain very strong, and we anticipate entering 2008 with operating momentum. Therefore, the stock spilt should be viewed as an indication of our confidence in the outlook for Foster Wheeler.’

If approved, the spilt will be made by a stock dividend of one additional common share for each common share outstanding on the day of the special meeting of shareholders.