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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.


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