Last checked at 5 Jan 2016 07:00
Renold plc
("Renold", "the Company" or "the Group")
Completion of the acquisition of Aventics TC ("the Acquisition")
Renold, a leading international supplier of industrial chains and related power transmission products, announces that it has now completed the acquisition of the business and trading assets of Aventics Tooth Chain ("Aventics TC"), an operating division of Aventics Gmbh, based in Germany.
Further details of the Acquisition and Aventics TC can be found in the announcement of the conditional purchase agreement on 17 November 2015.
Robert Purcell, Chief Executive of Renold, said:
"The completion of the purchase of Aventics TC and its specialist, high quality product range is an excellent first move in Phase 3 of our STEP 2020 Strategic Plan (the 'Acquisitions' Phase). We now start the work to integrate the business and to leverage its sales over time through Renold's international footprint.
We are pleased to welcome all of the transferring employees of Aventics TC to the Renold Group of companies. We look forward to working together to build the business as an important part of our Chain division."
5 January 2016
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Brian Tenner, Finance Director | |
Arden Partners | 020 7614 5917 |
Chris Hardie | |
Instinctif Partners | 020 7457 2020 |
Mark Garraway | |
Helen Tarbet |
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.
Further information about Renold can be found on the website at: www.renold.com