Fenner goes west for another deal
FENNER, the world leader in conveyor belt manufacturing, has acquired another US company which operates in the oil, gas and mining industries.
Hull-based Fenner has bought King Energy in New Mexico for $5.65m (£2.85m) through its Fenner Dunlop Americas subsidiary.
The business distributes and services oilfield, gas industry and mining equipment and founder and major shareholder Tom King will continue to work with the firm.
Mark Abrahams, chief executive of Fenner, commented: “King Energy represents a further development of our growth strategy in North America and enables us to offer a full service capability in the important south west mining area. In particular it also strengthens our presence in the coal mining sector, where
Fenner Dunlop has a major and widely recognized position countrywide.”
The deal continues the group's recent strategy of buying American companies.
Fenner has bought Winfield, based in Buffalo, New York, which manufactures polyurethane and silicone-moulded products used in missiles and film processing andf technical fabrics business Prodesco in a deal worth up to £32m.
The Pennsylvania-based firm develops and manufactures highly specialised technical fabrics used in industrial, aerospace and chemical equipment.
It also owns Secant Medical which produces textile structures for medical devices used to treat cardiovascular and orthopaedic conditions.
Fenner is the world leader in the global conveyor belting market with 3,500 staff. Its products include lightweight and heavyweight conveyor belting for the mining and power generation markets, precision motion control products for the computer, copier and mechanical equipment markets, and sealing products for the mining, hydraulics and oil and gas industries.
In November the group paid £1.3m for the New York privately-owned engineering business B-loc which produces and sells specialist power transmission and motion control components and in December it bought Australian company Spliceline.
