10 Aug 2012 07:00
10 August 2012
Fenner PLC
("Fenner" or the "Company")
Acquisition of Mandals AS & Mandals Technology AS ("Mandals")
Fenner is pleased to announce that its wholly owned subsidiary, Fenner Norway AS, has today exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden.
Mandals is a manufacturer of innovative lay flat and specialty hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. It is an acknowledged market leader in its industry, with products sold around the world. The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division ("AEP"), providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.
The audited value of the gross assets being acquired was NOK 91.3m (GBP 9.9m) as at 31 December 2011. The transaction is expected to complete in early September 2012.
Nick Hobson, CEO of Fenner PLC, commented:
"Mandals is a leader in an area of reinforced polymer technology which complements our existing operations, particularly James Dawson. In addition, the end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives".
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For further information please contact:
Fenner PLC | 01482 626501 |
Nick Hobson, Chief Executive | |
Richard Perry, Finance Director | |
Weber Shandwick Financial | 020 7067 0700 |
Nick Oborne / Stephanie Badjonat / Robert Cook |
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.