Sign In
23 Aug 2011 07:00
23 August 2011
Fenner PLC ("Fenner")
Fenner to acquire Transeals Pty Ltd ("Transeals")
Fenner is pleased to announce that its wholly owned subsidiary Hallite Seals Australia Pty Ltd ("Hallite") has today exchanged contracts to purchase 100% of the share capital of Transeals, which is a privately owned company based in Perth, Australia. The unaudited value of the gross assets acquired was A$5.586m. as at 30 June 2011. The transaction is expected to complete in early September 2011.
Transeals manufactures and distributes seals used in hydraulic equipment, currently serving the western parts of Australia. This strategic acquisition allows Hallite, which is mainly east coast based, to develop its aftermarket presence in the buoyant mining and oil and gas markets of Western Australia.
With the capability for same day or early next day delivery, the combination of Hallite and Transeals will offer unparalleled availability of seals throughout Australia.
Nicholas Hobson, CEO of Fenner PLC said "This is an exciting development for our Australian seals business. It improves our coverage, expands our product offering and strengthens Hallite's position as the leading supplier of seals to the Australian hydraulics market."
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 mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
For further information please contact:
Fenner PLC |
Nicholas Hobson, Chief Executive 01482 626501 |
Richard Perry, Finance Director |
Weber Shandwick Financial |
Nick Oborne/ Stephanie Badjonat 020 7067 0700 |
Follow the stocks
