Fenner subsidiary buys Aussie engineered conveyor solutions firm

Reinforced polymer technology firm Fenner said on Friday that its wholly owned subsidiary, Fenner Dunlop Australia, has agreed to acquire 100 per cent of the share capital of ACE, a privately owned group of companies based in New South Wales, Australia, which specialises in supplying engineered conveyor solutions for the design, manufacture and installation of high capacity conveyor systems.

Reinforced polymer technology firm Fenner said on Friday that its wholly owned subsidiary, Fenner Dunlop Australia, has agreed to acquire 100 per cent of the share capital of ACE, a privately owned group of companies based in New South Wales, Australia, which specialises in supplying engineered conveyor solutions for the design, manufacture and installation of high capacity conveyor systems.

The audited value of the gross assets of ACE totalled £10.4m at the mid-year point. The transaction is expected to complete at the end of next month.

The firm made the acquisition to further Fenner Dunlop's strategy of "being the supplier of choice" for engineered conveyor solutions in Australia, enabling it to offer mining customers a wide choice of integrated solutions for improving the safety and total cost of materials handling.

Nicholas Hobson, Chief Executive Officer 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."

NR

Recommended

Share tips of the week – 19 August
Share tips

Share tips of the week – 19 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
19 Aug 2022
How to invest in smart factories as the “fourth industrial revolution” arrives
Share tips

How to invest in smart factories as the “fourth industrial revolution” arrives

Exciting new technologies and trends are coming together to change the face of manufacturing. Matthew Partridge looks at the companies that will drive…
18 Aug 2022
How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022

Most Popular

How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
How to cut your energy bill
Personal finance

How to cut your energy bill

The energy-price cap will almost double in the autumn. What does this mean for your money, and how can you alleviate the squeeze? Ruth Jackson-Kirby h…
17 Aug 2022
Are GSK’s legal troubles a threat to the firm’s survival?
Biotech stocks

Are GSK’s legal troubles a threat to the firm’s survival?

Pharmaceutical giant GlaxoSmithKline is facing legal action over heartburn drug Zantac that has seen billions wiped off its market value. Rupert Hargr…
16 Aug 2022