(Alliance News) - Renold PLC on Friday said it bought the trading assets of Davidson Chain PTY for AUD6 million.
Renold, a Derby, England-based supplier of industrial chains and power transmission products, said the acquisition of the Victoria, Melbourne-based manufacturer and distributor of conveyor chain increases its access to the Australian conveyor chain market.
Renold added that opportunities for significant manufacturing synergies exist between its and Davidson's current Australian operations.
Renold Chief Executive Officer Robert Purcell said: "The Davidson acquisition demonstrates further strategic momentum, supplementing organic growth through high quality bolt-on acquisitions which can expand our geographic presence, grow our product offering and strengthen our market position in key end markets."
Renold shares closed up 4.3% at 30.30 pence each on Friday in London.
By Tom Budszus, Alliance News reporter
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Renold (RNO)