5th Oct 2006 07:00
Fenner PLC05 October 2006 5 October 2006 Fenner PLC ("Fenner") Fenner acquires EGC from Compagnie Plastic Omnium S.A.("CPO") Fenner, through its wholly owned subsidiary, CDI Seals, Inc. ("CDI") is pleasedto announce the acquisition today of substantially all of the operating assetsand liabilities of EGC, a Houston based manufacturer of fluoroplastic seals andother related fluoroplastic precision components. EGC was acquired from CPO acompany quoted on the French Stock Exchange. EGC was acquired for a cash consideration of US$15 million and had a turnover in2005 of US$34m. The acquisition represents an opportunity for CDI to broaden itsproduct offering and materials technology expertise in high value performancecritical applications in the electronics, pumps, valves, compressors, aerospaceand oil and gas industries. Mark Abrahams, CEO of Fenner said " We are delighted with the acquisition of EGCwhich brings new opportunities to CDI. Over the next 18 months we intend torelocate EGC onto the CDI site at Humble, Texas, which will enable us to extractthe operational benefits from the merged businesses." Fenner is the world leader in the global conveyor belting market. Its productsinclude lightweight and heavyweight conveyor belting for the mining and powergeneration markets, precision motion control products for the computer, copierand mechanical equipment markets, and sealing products for the mining,hydraulics and oil and gas industries. For further information please contact: Fenner PLCMark Abrahams, Chief Executive 01482 626501Richard Perry, Finance Director Weber Shandwick Square MileNick Oborne/ Stephanie Badjonat 020 7067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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