Fenner’s wholly owned subsidiary, Fenner Norway AS, has today exchanged contracts to purchase 100% of the share capital of Norwegian Seals, a privately owned group of companies with operations in Norway and the UK.
Norwegian Seals manufactures and distributes performance critical seals into the oil and gas market, with particular emphasis on subsea, well head and down hole applications. This strategic acquisition will allow CDI Seals, part of Fenner’s AEP Division, to exploit the North Sea market and enhance Norwegian Seals’ ability, as part of the Fenner group, to build its growing industry reputation and presence.
The audited value of the gross assets being acquired was NOK 47.4m as at 31 December 2011. The transaction is expected to complete in early September 2012.
Nick Hobson, CEO of Fenner PLC , commented:
“This transaction is an important step in CDI Seals growth strategy. The acquisition of Norwegian Seals and its UK subsidiary expands Fenner’s geographic footprint into the North Sea. Norwegian Seals also has considerable experience in the most demanding subsea sealing technologies, which have potential applications in other geographic markets where CDI already operates.”
[mappress] Press Release, August 8, 2012