London -- Fenner PLC is planning to buy the assets of the Conveyor Services Corporation Group of Companies, and subsidiaries. CSC is based predominantly in North America.The price is $46 million, with a further $20 million paid a year after the deal closes, if the acquisition meets certain financial targets. Fenner said it expects the deal to close before September 2008.
The group has eight strategically located branches and over 375 skilled employees CSC, Classic and CS Chile design, install and maintain conveyor systems for the
material handling industries in the Americas. They provide a full service offering which aims to improve and prolong conveyor performance. Services include conveyor belt splicing, pulley lagging and the service and provision of conveyor idlers and conveyor structures.
The CSC Group will be integrated into the newly formed Fenner Dunlop Conveyor Systems & Services, Inc. ('Fenner Dunlop CSS') which also includes the recently acquired King Energy Services business. The combined services businesses will be run separately to the Fenner Dunlop Conveyor Belting businesses in North America. Troy Dolan will work with Fenner Dunlop CSS to ensure that there is a smooth transition of the CSC Group into Fenner and he will be entering into a consultancy agreement as well as a Sales Representative Agreement setting out the scope of his duties and involvement post completion.
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Press release from fenner