Fenner PLC FENR Acquisition of Australian Conveyor Engineering

  Fenner PLC (FENR) - Acquisition of Australian Conveyor Engineering

RNS Number : 5886P
Fenner PLC
26 October 2012




26 October 2012

                                                                             

                            Fenner PLC ("Fenner")

            Acquisition of Australian Conveyor Engineering ("ACE")

                                      

Fenner is pleased to announce that  its wholly owned subsidiary Fenner  Dunlop 
Australia Pty Ltd, ("Fenner Dunlop") has today exchanged contracts to purchase
100% of the share capital of ACE,  a privately owned group of companies  based 
in Somersby,  New South  Wales, Australia.  The audited  value of  the  gross 
assets being  acquired  was  AUD$16.0m  (£10.4m)  as  at  30  June  2012.The 
transaction is expected to complete at the end of November 2012.



ACE specialises in  supplying engineered  conveyor solutions  for the  design, 
manufacture and  installation  of  high capacity  conveyor  systems  for  both 
surface and underground mining, with the capability to take projects from  the 
initial concept to the commissioned conveyor system. The acquisition furthers
Fenner Dunlop's  strategy  of being  the  supplier of  choice  for  engineered 
conveyor  solutions  in  Australia,   offering  mining  customers   integrated 
solutions for improving the safety and total cost of materials handling.



Nicholas Hobson, CEO of Fenner said "We are passionate about making  conveying 
safe, more reliable and cost effective. This is a significant development  for 
the Fenner Dunlop Engineered Conveyor Solutions offering in Australia, through
which we are growing by  strengthening our capabilities to effectively  manage 
the lifetime cost of our customers' conveyors throughout the business  cycle. 
This acquisition consolidates Fenner Dunlop's position as the leading supplier
of conveyor products and  services to the  Australian markets and  complements 
the acquisition in North America of the Allison Custom Fabrication business."



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 Energy Products, EGC Critical Components, FAST, Fenner Precision,
Fenner Drives, James Dawson, Secant Medical and Xeridiem.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

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ACQBLBDGCUDBGDU -0- Oct/26/2012 06:00 GMT