Reinforced polymer technology firm Fenner is planning to acquire the majority of the assets of American Industrial Plastics (AIP), a privately owned company based in Florida, US.
Under the deal, which is expected to complete in early September, Fenner will acquire the firm through a newly incorporated wholly owned subsidiary.
The value of the acquired assets will be $3.8m.
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AIP is a precision machining company which can produce advanced polymers for application in the oil and gas and medical markets, as well as manufacturing performance precision components for a range of applications, including aerospace. AIP will become part of the Fenner Advanced Sealing Technologies (FAST) business within the AEP Division.
Nick Hobson, Chief Executive Officer of Fenner, said: "AIP's proprietary manufacturing technologies, which include polymer machining techniques with unprecedented levels of precision, complement FAST's existing capabilities and business in the oil and gas and medical markets."
Shares were 0.63% higher at 383.4p by 15:53.
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