Home / Knowledge / News / Textiles / Fenner acquires technical fabrics maker Prodesco
Fenner acquires technical fabrics maker Prodesco
07
Feb '08
Fenner PLC is pleased to announce that it has acquired 100% of the share capital of Prodesco from the shareholders, the substantial majority of whom are represented by the Trustees of certain trusts created for the benefit of T.Nash Broaddus and Robert J Sievers and the members of their respective families.

Prodesco consists of two businesses; the first develops and manufactures a range of highly specialised technical fabrics which are used in various performance-critical and proprietary applications by industrial, aerospace and chemical equipment OEMs.

Prodesco's second business, Secant Medical is a leader in the development and production of textile structures for the growing medical device market. Typically, Secant Medical's products are critical components in devices which are used to treat cardiovascular and orthopaedic conditions.

Gross assets valued at $14.7 million on 29th September 2007 (after adjustment for assets excluded from the sale) were acquired for an initial cash consideration of $47 million. Additional cash consideration will be paid conditional upon Prodesco meeting certain agreed revenue projections over five years. The conditional consideration is capped at $18 million. Prodesco, together with Secant Medical, earned pro-forma profits before tax of $7.4 million in 2007. The transaction is expected to be earnings enhancing immediately upon acquisition.

Prodesco and Secant Medical will continue to operate under their current names and will together operate within Fenner's Advanced Engineered Products (AEP) Division. Steve Chadwick, President and Chief Executive Officer, and Tom Dertouzos, Chief Financial Officer, will continue to lead Prodesco's strong management group under the direction of Fenner's AEP team. Prodesco and Secant will continue to operate from their existing facilities in Perkasie, Pennsylvania, USA.

Must ReadView All

President Tsai Ing-wen delivering remarks before boarding her plane bound for Central America. Courtesy: Presdient's office

Textiles | On 16th Jan 2017

‘Textiles at centre of Taiwan’s new trade arrangements’

Textiles should be at the heart of Taiwan’s thinking while developing ...

Apparel/Garments | On 16th Jan 2017

Ralph Lauren develops policy on tracking wood based fabrics

In a bid to trace source of wood based fabrics like viscose and rayon ...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search