15 Feb 2017 09:38
15 February 2017
Fenner PLC
("Fenner" or "the Company" or "the Group")
CDI Europe: Restructuring & Disposal
Fenner PLC announces that its Advanced Sealing Technologies group of businesses has completed the final part of its restructuring to reposition its CDI European operations, it having completed the disposal of its Norwegian business on Monday, 13 February 2017. This sale enables CDI to centralise the European business back into its principal operation in Houston, Texas which is where CDI's main customer base is located. CDI has retained its operation in Singapore, which is also a key market for its products.
The restructuring will enable CDI to continue to concentrate on building market share, strengthening its market position and building on its customer service capabilities while also enhancing its product innovation and new product offering in what is a competitive environment. CDI will be able to operate on a leaner more efficient and cost effective basis as a result of this restructuring.
CDI designs and manufactures custom seals for upstream oil and gas applications and is the Group's largest oil & gas related business.
The gross assets disposed with this transaction equate to less than 1% of Advanced Sealing Technologies' gross assets.
The person responsible for making this announcement is:
Debra Bradbury - Group Company Secretary
ENDS
For further information please contact:
Fenner PLC |
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Mark Abrahams John Pratt | 01482 626500 |
Weber Shandwick Financial |
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Nick Oborne / Tom Jenkins | 020 7067 0700 |
Notes to editors:
Fenner PLC is a world leader in reinforced polymer technology, providing local engineered solutions for performance‐critical applications.