28 November 2012 13:43 [Source: ICIS news]
TORONTO (ICIS)--Foster Wheeler has bought Canada’s Three Streams Engineering for an undisclosed sum, the Switzerland-based petrochemicals and energy engineering firm said on Wednesday.
Calgary-based Three Streams is an engineering, procurement and construction management (EPCM) company with upstream and downstream projects in western Canada. It has approximately 450 employees.
“The acquisition of Three Streams is part of our stated strategy to grow the upstream capabilities and the geographic footprint of our Global Engineering and Construction Group,” said Foster Wheeler CEO Kent Masters.
The acquisition will also increase Foster’s presence in the Canadian oil sands industry, particularly steam-assisted gravity drainage (SAGD), a technology used in producing oil sands, Masters added.
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