ERJ staff report (DS)
Hessle, UK - Fenner PLC has bought a Norwegian producer of hose technology - the privately-held Mandals group. This is the second acquisition this week of a Norwegian company by the UK-based conveyor belt and offshore technology group.
Fenner said Mandals is a manufacturer of innovative lay flat and specialty hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. It is an acknowledged market leader in its industry, with products sold around the world. The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division ("AEP"), providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.
The audited value of the gross assets being acquired was NOK 91.3m (euro 12.34 m) as at 31 December 2011. The transaction is expected to complete in early September 2012.
"Mandals is a leader in an area of reinforced polymer technology which complements our existing operations, particularly James Dawson. In addition, the end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives".
Earlier this week Fenner announced the acquisition of Norwegian Seals.
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Press release from Fenner