JDR cleared for takeover. Names new CEO
Umbilical and power cable provider for the offshore energy industry JDR Cable Systems has appointed Richard Turner as its new Chief Executive Officer (CEO) while also receiving regulatory approval for its acquisition by TFKable.
The completion of the acquistion by the Polish-based producer of wires and cables TELE-FONIKA Kable (TFKable) is expected within a week pending final legal and administrative proceedings, JDR informed.
The approval was supported with the appoitnment of Richard Turner as the new CEO of the company, who will head JDR’s leadership team alongside the company’s longstanding Chief Technology Officer, James Young.
Both will join the JDR board along with TFKable Group’s board of directors, according to JDR.
Commenting on his appointment, Turner said: “The opportunities for JDR from this acquisition are exciting, particularly in continuing to provide innovative products and services. JDR has ambitious plans for the future. Becoming part of the great trade organisation that is TFKable Group is a vital next step for JDR in achieving its aspirations.”
JDR’s current CEO, David Currie, and Ivan Coyard, currently Chief Financial Officer, will be taking up new roles as Executive Advisers to the new JDR Board, the company said.
As a result of the acquisition, TFKable Group will now employ nearly 4,000 people worldwide, according to JDR.
TFKable said earlier it planned to maintain JDR’s operations in current locations, including its two production sites in Hartlepool and Littleport, and other UK offices, to provide new opportunities for the local employees and business partners.
The transaction has been funded through TFKable Group’s own resources as well as the financial support of a six-bank consortium.