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 END ACQBLBDGCUDBGDU -0- Oct/26/2012 06:00 GMT
Fenner PLC FENR Acquisition of Australian Conveyor Engineering
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