Fenner is pleased to announce that its wholly owned subsidiary, Fenner Norway AS, has 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".
As a leader in reinforced polymer technology, Fenner is one of the world's leading producers of heavyweight belting using PVC, fabric and steel reinforced rubber.