Fenner PLC Disposal (8162I)
02 September 2016 - 6:01PM
UK Regulatory
TIDMFENR
RNS Number : 8162I
Fenner PLC
02 September 2016
2 September 2016
Fenner PLC
("Fenner" or "the Group")
Disposal of Xeridiem Medical Devices, Inc
Fenner PLC announces the disposal yesterday of Xeridiem Medical
Devices, Inc ("Xeridiem") to PPC Industries, Inc for a
consideration of $10.5 million, payable in cash.
Xeridiem is a manufacturer of minimally-invasive catheters and
other single-use medical devices; it is located in Tucson, Arizona,
USA.
During the year ended 31 August 2015, Xeridiem achieved an
operating profit of $0.2 million before certain non-recurring items
and had gross assets of approximately $3.2 million.
The proceeds of the sale will initially be used to reduce
Fenner's net indebtedness.
Mark Abrahams, Chief Executive of Fenner PLC, commented as
follows:
"Fenner has recently invested significantly in its medical
businesses, most particularly through the acquisition of Charter
Medical in January 2015 and the construction of state of the art,
purpose-built facilities for Secant Medical, which have now entered
the testing and certification phases. Together, these businesses
provide a platform for exploiting our knowhow in new and growing
fields to support our customers' ambitious growth plans.
We believe Xeridiem will bring more synergies to the acquirer
whilst the mutually beneficial deal will allow us to focus on the
significant growth opportunities in Secant and Charter."
ENDS
For further information please contact:
Fenner PLC
Mark Abrahams, Chief
Executive 01482 626500
John Pratt, Group
Finance Director 01482 626500
Weber Shandwick Financial
Nick Oborne / Tom Jenkins 020 7067 0700
Notes:
Fenner PLC is a world leader in reinforced polymer technology,
providing local engineered solutions for performance--critical
applications.
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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