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Fenner acquires Multiseals Pte Limited ("Multiseals") Fenner is pleased to announce that its wholly owned subsidiary Fenner Singapore Pte Limited has today acquired 100% of the share capital of Multiseals which is a privately owned company based in Singapore. Total consideration for the acquisition is Singapore $14.425 million of which $3.6 million will be satisfied by the issue of 480,367 shares in the Company. Application for listing of the shares will today be submitted to the Council for the Stock Exchange. Multiseals manufactures and distributes seals to the oil and gas industry in the Asia-Pacific Region. This strategic acquisition will allow Fenner Advanced Sealing Technologies ("FAST") to exploit the expanding Asian aftermarket for its Oil & Gas products. The Asia-Pacific Oil & Gas market has a history of strong drilling and completion activity to support escalating regional energy demands and is estimated to be growing at a rate of 11% per annum. Many of the Fenner Oil & Gas customers have established manufacturing and service facilities in Singapore. This acquisition enables Fenner customers to purchase custom- manufactured products locally. Multiseals will give FAST instant recognition in the region and a platform for growth. As part of the growth strategy, Multiseals' offerings will expand to include the full range of the oilfield products supplied by CDI Seals® in Houston, Texas, USA, a part of FAST. CDI Seals® and Multiseals have previously partnered to provide engineered designs, materials, and solutions to meet customer specific requirements. Additionally, the partnership combines both companies' custom moulding and high performance machining capabilities. Multiseals will also manufacture and support the recently launched Tuff Breed® range of oilfield expendables which includes well service packing ("WSP") products specifically designed for hydraulic fracturing and pressure pumping operations in oil & gas developments. Overall this is a very exciting opportunity for Fenner and indeed for Multiseals. Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
Advertising giant WPP has expanded in one of its largest markets, after agreeing to acquire German marketing and communication services firm Commarco for an undisclosed sum. The Hamburg-based group - which made revenues of €132.9m last year - is the parent company of more than 25 agency brands, including the Scholz & Friends marketing services network. "Germany is WPP's third largest market after the US and UK and is showing signs of strength following the recession, as Central and Eastern Europe grow faster than Western Europe, particularly in Germany, Poland and Russia," the statement said. Commarco's co-chief executive officer Frank-Michael Schmidt said on its website: "entering the WPP world opens the doors to the next level in our company's development. Combining with WPP, the global number one, will provide a whole new universe of international possibilities, both for our clients and for our employees." Commarco employs more than 1,200 people throughout Germany, Switzerland and other international markets. Notable clients include American Express, Commerzbank and Credit Suisse.
1 March 2011 - Southern Cross Healthcare Group plc (LSE: SCHE) (the "Company" or "The Group"), the UK's largest provider of residential and nursing care with over 31,000 residents cared for by 45,000 staff in 750 locations, announces the following appointments to its management team: Tim Bolot has been appointed Director of Financial Restructuring and will join the Board, effective at the end of the Company's AGM on 22 March 2011. Mr Bolot will be responsible for the work connected with the Company's recently announced restructuring and will report to its Chief Executive, Jamie Buchan. Mr Bolot, who is a barrister and a chartered accountant, has extensive experience of restructuring within the healthcare industry, most recently in the NHS, and brings additional skills and expertise to the Board. Frank McCormack has been appointed as General Counsel and Company Secretary. Mr McCormack was previously with Balfour Beatty for 22 years in senior legal roles and replaces the current Company Secretary, William McLeish, who is stepping down after five years with the Group. Amy Kroviak joins the Company as Director of Communications. Ms Kroviak has over 15 years experience in corporate communications and was previously a director at Luther Pendragon. Andrew Sellers has joined the Company as Group Financial Controller. Mr Sellers qualified as a chartered accountant with Ernst & Young in London before relocating to the North East of England where he has worked at Board level in a number of organisations. Ray Miles, Chairman, said "The Board is committed to ensure that it has available to it, all the skills required to successfully tackle the restructuring process which is now underway and to attract new investment into the business. The appointment of Tim Bolot is key to this." Jamie Buchan, Chief Executive, said "The appointment of this strong group of professionals further strengthens the senior team at an important time. Tim, Frank, Amy and Andrew all share our vision for the future success of Southern Cross and I am confident that they will play a central role as we face the challenges that lie ahead."