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

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Amrit Sethia
SOIE

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

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search