7 Aug 2012 14:18
7 August 2012
Fenner PLC
("Fenner" or the "Company")
Acquisition of Norwegian Seals Holding AS & Norwegian Seals UK Ltd ("Norwegian Seals")
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 Norwegian Seals, a privately owned group of companies with operations in Norway and the UK.
Norwegian Seals manufactures and distributes performance critical seals into the oil and gas market, with particular emphasis on subsea, well head and down hole applications. This strategic acquisition will allow CDI Seals, part of Fenner's AEP Division, to exploit the North Sea market and enhance Norwegian Seals' ability, as part of the Fenner group, to build its growing industry reputation and presence.
The audited value of the gross assets being acquired was NOK 47.4m as at 31 December 2011. The transaction is expected to complete in early September 2012.
Nick Hobson, CEO of Fenner PLC, commented:
"This transaction is an important step in CDI Seals growth strategy. The acquisition of Norwegian Seals and its UK subsidiary expands Fenner's geographic footprint into the North Sea. Norwegian Seals also has considerable experience in the most demanding subsea sealing technologies, which have potential applications in other geographic markets where CDI already operates."
- ends -
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.