Fenner PLC (FENR) - Acquisition of Australian Conveyor Engineering
RNS Number : 5886P
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
ACQBLBDGCUDBGDU -0- Oct/26/2012 06:00 GMT
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