Foster Wheeler and Ndodana Holdings sign shareholders' agreement to achieve Black Economic Empowerment
Posted: 11 December 2004
Foster Wheeler Ltd announced its UK subsidiary Foster Wheeler Limited has signed a Shareholders' Agreement with Ndodana Holdings (Pty) Limited to restructure the ownership of Foster Wheeler South Africa (Pty) Limited with a 30 per cent stake being acquired by Ndodana Holdings, the parent company of Ndodana Consulting Engineers (Pty) Limited.
Webster Ndodana, managing director of Ndodana Holdings (Pty) Limited, will become a director and a member of the executive committee of FWSA. He will assist FWSA in further developing its activities and opportunities for FWSA employees in taking the business forward. The change will take effect from January 1, 2005.
"Becoming Black Economic Empowered (BEE), that is, more than 25 per cent black-owned with active participation in the board and management of FWSA, offers a significant opportunity for FWSA to differentiate itself from its competitors," said Keith Batchelor, director of Foster Wheeler Limited.
"Webster Ndodana is a respected Professional Engineer and businessman in South Africa, whose active involvement and influence in FWSA will materially enhance our position in the industry and open up new business opportunities," added Mark Meyer, managing director of FWSA.
"This relationship with Foster Wheeler will open new opportunities for FWSA in areas where it has not been active to date. This will further enhance FWSA's position with existing clients, as well as parastatal organizations. FWSA will be in a unique position to develop young and upcoming engineers and technicians, who will add value to all stakeholders," commented Webster Ndodana, managing director of Ndodana Holdings (Pty) Limited.
For more information see www.fwc.com
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