Reinforced polymer technology firm Fenner has announced its third acquisition of the month, and once again it has returned to Norway to make a deal.
Fenner subsidiary Fenner Norway has exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden.
Mandals is a manufacturer of innovative lay-flat and speciality hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses.
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The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division, Fenner said, providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.
Fenner did not reveal the price it paid for Mandals but said the Scandinavian group's gross assets were valued at NOK 91.3m (£9.9m) as at the end of 2011. The transaction is expected to complete in early September 2012.
"The end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives," Nick Hobson, Chief Executive Officer of Fenner commented.
Earlier this month Fenner announced the acquisition of the majority of the assets of American Industrial Plastics (AIP), a privately owned company based in Florida, and also snapped up Norwegian Seals, a privately owned group of companies with operations in Norway and the UK.
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