Fenner buys oil drill seal business in Singapore

ERJ staff report (DS)

London -- Fenner PLC has bought 100% of the share capital of Multiseals which is a privately owned company based in Singapore.

Multiseals manufactures and distributes seals to the oil and gas industry in the Asia-Pacific Region. This strategic acquisition will allow Fenner Advanced Sealing Technologies ("FAST") to exploit the expanding Asian aftermarket for its Oil & Gas products.

Total consideration for the acquisition is Singapore $14.425 million. The acquisition was carried out by Fenner Singapore Pte Limited, a 100 percent subsidiary of Fenner and tthe purchase will be partially funded by a new share issue.

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Press release from Fenner