Fenner PLC Acquisition of Australian Conveyor Engineering
Fenner is pleased to announce that its wholly owned subsidiary Fenner Dunlop Australia Pty Ltd, ("Fenner Dunlop") has today exchanged contracts to purchase 100% of the share capital of ACE, a privately owned group of companies based in Somersby, New South Wales, Australia. The audited value of the gross assets being acquired was AUD$16.0m (£10.4m) as at 30 June 2012. The transaction is expected to complete at the end of November 2012.
ACE specialises in supplying engineered conveyor solutions for the design, manufacture and installation of high capacity conveyor systems for both surface and underground mining, with the capability to take projects from the initial concept to the commissioned conveyor system. The acquisition furthers Fenner Dunlop's strategy of being the supplier of choice for engineered conveyor solutions in Australia, offering mining customers integrated solutions for improving the safety and total cost of materials handling.
Nicholas Hobson, CEO of Fenner said "We are passionate about making conveying safe, more reliable and cost effective. This is a significant development for the Fenner Dunlop Engineered Conveyor Solutions offering in Australia, through which we are growing by strengthening our capabilities to effectively manage the lifetime cost of our customers' conveyors throughout the business cycle. This acquisition consolidates Fenner Dunlop's position as the leading supplier of conveyor products and services to the Australian markets and complements the acquisition in North America of the Allison Custom Fabrication business."