London – Fenner PLC’s subsidiary CDI Energy Products has completed the final part of its European restructuring with the disposal of its Norwegian seals business on 13 Feb, the company has announced.
Part of Fenner’s Advanced Sealing Technologies group of businesses CDI will still continue working with Norwegian Seals as their distributor, explained CEO Mark Abraham to ERJ.
With the move, CDI will centralise its business in its principal operation in Houston, Texas where its main customer base is located.
CDI designs and manufactures custom seals for upstream oil and gas applications and is the group's largest oil & gas related business.
CDI has retained its operation in Singapore, which is also a key market for its products.
The gross assets disposed with this transaction equate to less than 1% of Advanced Sealing Technologies' gross assets, Fenner said.