11th Jul 2008 07:00
11 July 2008
Fenner PLC ("Fenner")
Fenner to dispose of its Lightweight Belting operations in the USA
Fenner, via its wholly owned subsidiary Fenner Dunlop (Charlotte) Inc. has today agreed the disposal of it's Lightweight Conveyor Belt operations based in Charlotte, North Carolina, to Forbo Siegling LLC, a whole owned subsidiary of Forbo Holding Ltd. based in Baar, Switzerland.
The Charlotte operations that are the subject of the disposal, manufacture a range of lightweight PVC conveyor belts used in a wide variety of industrial applications. The gross assets that are the subject of disposal amount to around $7.8 million subject to any inventory adjustment.
Mark Abrahams, CEO of Fenner said "This disposal allows Fenner Dunlop Americas to concentrate on its heavyweight conveyor belting business primarily for mining applications and especially for coal mining. The recent announcement of the proposed acquisition of the Conveyor Services Corporation Group reflects our continued investment in our North American heavyweight conveyor belting businesses".
Fenner is a world leader in the field of reinforced polymer engineering. Its products include medium-weight and heavyweight conveyor belting for the mining and power generation markets; 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.
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For further information please contact:
Fenner PLC
Mark Abrahams, Chief Executive 01482 626501
Richard Perry, Finance Director
Weber Shandwick Financial
Nick Oborne/ Stephanie Badjonat 020 7067 0700
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Fenner PLC