Lincoln engineeering firm set to be sold in £1.2bn deal

Engineering firm Fenner, which has a base in Lincoln, is the subject of a £1.2bn takeover from tyre manufacturer Michelin.

Fenner Precision, which employs over 100 people in the city, provides elastomeric engineering services, making everythimg from belting and moulding to sheeting and seals. Its head office is in Yorkshire.

Fenner’s board has approved the offer, which would see investors receive 610p a share – a premium of nearly a third on their closing price last Friday (16 March).

Mark Abrahams, chief executive officer of Fenner, said: “We find the cultural fit and business opportunities excellent with Michelin. Both companies have innovation in their DNA and are customer solution oriented.”