ERJ staff report (DS)
London -- Fenner PLC, through its wholly owned subsidiary, Fenner Dunlop Conveyor Systems and Services, Inc., has bought King Energy Services of Colorado, Inc (KESCO). KESCO, which is based in Colorado, is a privately owned business specialising in the sale of conveyor belts and providing splicing, repair and installation services relating to conveyor belts. KESCO was formally associated with King Energy Services, Inc., New Mexico, acquired by Fenner in April 2008.
The total gross assets acquired by Fenner amount to $1.9 million. Al Bonneau, the major shareholder in KESCO will continue to work with the business as part of Fenner PLC. As part of the terms of the acquisition agreement Al Bonneau is required to make an open market purchase of $500,000 of ordinary shares in Fenner PLC and hold such shares until the first anniversary of the completion date.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release from Fenner