ERJ staff report (DS)
Hessle, UK - Fenner PLC said its wholly owned subsidiary, Fenner Norway AS, has exchanged contracts to buy Norwegian Seals, a privately owned group of companies with operations in Norway and the UK.
Norwegian Seals manufactures and distributes performance critical seals into the oil and gas market, with particular emphasis on subsea, well head and down hole applications. This strategic acquisition will allow CDI Seals, part of Fenner's AEP Division, to exploit the North Sea market and enhance Norwegian Seals' ability, as part of the Fenner group, to build its growing industry reputation and presence.
The audited value of the gross assets being acquired was NOK 47.4m as at 31 December 2011. The transaction is expected to complete in early September 2012, but financial details were not disclosed
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Press release from Fenner PLC