Michelin reports growth, contract-wins at Fenner

Paris – Groupe Michelin has released performance data for the recently acquired Fenner plc, for the first time since its acquisition last year.

Fenner registered 3% growth in sales for the first three months of 2019, said Michelin in its first quarter presentation 24 April without giving further details.

The gains included “major contract wins” for Fenner’s Engineered Conveyor Solutions (ESC) division, which underwent major consolidation in 2016.

The unit, said the Michelin presentation now has a “record backlog” in mining and manufacturing sectors, with a “highly competitive product portfolio.”

Fenner’s Advanced Engineered Products (AEP) division also registered growth “on strong value-creating niche markets,” the French group added.

Michelin acquired Fenner in May 2018 and expects to achieve synergies of £60 million (€67.6 million) from the takeover, by 2022.

In its 2017 annual results, Fenner said it had left recovery-mode and was tracking “sustainable growth.”

The company’s underlying operating profit came in at £59.1 million for the year, 59% higher than 2016, on sales up 14% to £655.4 million.