LONDON (Alliance News) - Fenner PLC on Monday said its Fenner Drives Inc subsidiary has struck a deal to buy the US's Charter Medical Ltd for USD29.9 million in cash.
Fenner will buy Charter, a medical device manufacturing company, from Connecticut-based Lydall Inc and will integrate the business into its Solesis Medical Technologies subsidiary, which is part of Fenner's AEP division.
It expects the deal to be immediately earnings-enhancing after completion and said the entire Charter workforce will be brought over after the deal. Charter has a single manufacturing site in Winston-Salem, North Carolina.
"Charter has a strong, established business in blood transfusion and filtration markets and has exciting opportunities in the bio-processing and regenerative medicine markets, in which Fenner is already active and which are experiencing rapid growth," said Fenner Chief Executive Officer Nick Hobson.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.