Fenner PLC Disposal (9489W)
15 February 2017 - 8:38PM
UK Regulatory
TIDMFENR
RNS Number : 9489W
Fenner PLC
15 February 2017
15 February 2017
Fenner PLC
("Fenner" or "the Company" or "the Group")
CDI Europe: Restructuring & Disposal
Fenner PLC announces that its Advanced Sealing Technologies
group of businesses has completed the final part of its
restructuring to reposition its CDI European operations, it having
completed the disposal of its Norwegian business on Monday, 13
February 2017. This sale enables CDI to centralise the European
business back into its principal operation in Houston, Texas which
is where CDI's main customer base is located. CDI has retained its
operation in Singapore, which is also a key market for its
products.
The restructuring will enable CDI to continue to concentrate on
building market share, strengthening its market position and
building on its customer service capabilities while also enhancing
its product innovation and new product offering in what is a
competitive environment. CDI will be able to operate on a leaner
more efficient and cost effective basis as a result of this
restructuring.
CDI designs and manufactures custom seals for upstream oil and
gas applications and is the Group's largest oil & gas related
business.
The gross assets disposed with this transaction equate to less
than 1% of Advanced Sealing Technologies' gross assets.
The person responsible for making this announcement is:
Debra Bradbury - Group Company Secretary
ENDS
For further information please contact:
Fenner PLC
Mark Abrahams
John Pratt 01482 626500
Weber Shandwick
Financial
Nick Oborne /
Tom Jenkins 020 7067 0700
Notes to editors:
Fenner PLC is a world leader in reinforced polymer technology,
providing local engineered solutions for performance--critical
applications.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 15, 2017 04:38 ET (09:38 GMT)
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