Polymers firm Fenner said it is to buy up Norwegian Seals, a privately owned group of companies with operations in Norway and the UK.
Norwegian Seals manufactures performance critical seals for the oil and gas market, with particular emphasis on subsea, well head and down hole applications.
Fenner said the acquisition would allow its subsidiary, CDI Seals, to exploit the North Sea market and enhance Norwegian Seals' ability and build its growing industry reputation and presence.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company did not detail how much it was paying but did say the audited value of the gross assets being acquired was 47.4m Norwegian Krone - around £5.1m - at the end of 2011.
The transaction is expected to complete in early September 2012.
Nick Hobson, Chief Executive of Fenner, said the transaction was an important step in CDI Seals growth strategy.
"The acquisition of Norwegian Seals and its UK subsidiary expands Fenner's geographic footprint into the North Sea," he said.
"Norwegian Seals also has considerable experience in the most demanding subsea sealing technologies, which have potential applications in other geographic markets where CDI already operates."
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
