1st Aug 2008 07:01
1 August 2008
Fenner PLC ("Fenner")
Fenner acquires the assets of King Energy Services of Colorado, Inc., a New Mexico corporation in the USA ("KESCO").
Fenner, through its wholly owned subsidiary, Fenner Dunlop Conveyor Systems and Services, Inc., is pleased to announce the acquisition of substantially all of the operating assets and liabilities of KESCO. KESCO, which is based in Colorado, is a privately owned business specialising in the sale of conveyor belts and providing splicing, repair and installation services relating to conveyor belts. KESCO was formally associated with King Energy Services, Inc., New Mexico, acquired by Fenner in April 2008.
The total gross assets acquired by Fenner amount to $1,900,000. Al Bonneau, the major shareholder in KESCO will continue to work with the business as part of Fenner PLC. As part of the terms of the acquisition agreement Al Bonneau is required to make an open market purchase of $500,000 of ordinary shares in Fenner PLC and hold such shares until the first anniversary of the completion date.
Mark Abrahams, CEO of Fenner PLC commented: "KESCO will be integrated into the Fenner Dunlop Conveyor Systems and Services business both enhancing our local capability and reinforcing our leading market position."
Fenner is a world leader in the field of reinforced polymer engineering. Its products include conveyor belting for the mining, power generation and industrial markets, plus a full service offering in Australia and North America; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; and technical textile structures for medical and industrial applications.
For further information please contact:
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Fenner PLC |
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Mark Abrahams, Chief Executive |
01482 626501 |
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Richard Perry, Finance Director |
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Weber Shandwick Financial |
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Nick Oborne/ Stephanie Badjonat |
020 7067 0700 |
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