Foster Wheeler AG announced that one of its subsidiaries will merge with MDM Engineering Group in a cash transaction valued at approximately $109 million. The transaction is subject to MDM Engineering shareholder approval and other closing conditions. Kent Masters, Foster Wheeler’s CEO, said, “MDM Engineering is a strong fit for Foster Wheeler’s minerals and metals strategy to enhance global capability and capacity.”
Based in South Africa, MDM Engineering Group Ltd. is a minerals process and project management company focused on the mining industry. Founded in 2006, the company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. The company has approximately 280 employees.