9 Aug 2012 14:57
9 August 2012
Fenner PLC
("Fenner" or the "Company")
Acquisition of American Industrial Plastics ("AIP")
Fenner is pleased to announce that it has today exchanged contracts to acquire substantially all of the assets of American Industrial Plastics, Inc, a privately owned company based in Florida, USA. AIP will be acquired by a newly incorporated wholly owned subsidiary of Fenner, American Industrial Plastics, LLC, and the transaction is expected to complete in early September 2012. The value of the AIP gross assets being acquired will be US$3.8m.
AIP is a precision machining company with the ability to machine advanced polymers for application in the oil & gas and medical markets as well as manufacturing performance precision components for a range of niche applications including aerospace. It will become part of the Fenner Advanced Sealing Technologies ("FAST") business within the AEP Division.
Nick Hobson, CEO of Fenner PLC, commented:
"AIP's proprietary manufacturing technologies, which include polymer machining techniques with unprecedented levels of precision, complement FAST's existing capabilities and business in the oil & gas and medical markets."
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For further information please contact:
Fenner PLC
Nicholas Hobson, Chief Executive 01482 626501
Richard Perry, Finance Director
Weber Shandwick
Nick Oborne/ Stephanie Badjonat 020 7067 0700
Notes to Editors
Fenner PLC is a leading global provider of local, engineered solutions for performance critical applications. The group operates through two divisions:
Engineered Conveyor Solutions. The ECS division, trading under the Fenner Dunlop, Fenner and Dunlop brand names, is a recognised leader in the global conveying market. The division offers a unique, comprehensive suite of products and services, which cover the conveying needs of mining, power generation and bulk handling markets.
Advanced Engineered Products. The AEP division excels at solving customers' most challenging application problems. Drawing from an unprecedented array of polymer, elastomer and textile technologies, the division routinely develops innovative performance- critical components for OEM customers in markets from underground oil exploration/mining to satellites/aircraft, speciality off-road vehicles to implantable medical devices, and from bank note dispensers to wind turbines. The Division's trading names are recognised globally and include Hallite, CDI Seals, EGC Plastics, FAST, Fenner Precision, Fenner Drives, James Dawson, Secant Medical and Xeridiem.