Fenner buys US medical manufacturer
FENNER has moved to strengthen its presence in the medical sector with the purchase of US firm MRI Medical.
The Hull-based company announced this morning that it had acquired all the share capital of the privately-owned MRI which makes silicone-based items for medical device compnies.
Fenner’s business has historically focused on conveyor belt technology but in 2008 it purchased Prodesco, a specialist techinal fabrics manufacturer, which in turn owned medical textile manufacturer Secant Medical.
MRI Medical was set up in 1986 and operates a 47,000 sq ft facility in Tucson, Arizona. In a statement Fenner put the value of the assets acquired in the deal at just over £1.7m.
Fenner chief executive Mark Abrahams said: “MRI Medical expands Fenner’s expertise in polymer and elastomer engineering, and is a further demonstration of the AEP division’s focus on performance critical applications.
“MRI Medical and Secant Medical, which we acquired as part of Prodesco in 2008, are both wholly engaged in the Medical industry, using business models which enable their customers to introduce less-invasive medical devices. The acquisition of MRI Medical is another important step towards the goal of building a significant presence for Fenner in the medical industry.”
MRI is the latest in a series of acquisitions in the US in the last two years. In addition to Prodesco, the company has bought King Energy Services of Colorado, polyurethane and silicone manufacturer Winfield and Conveyor Services Group.
