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

Related share prices
Fenner (FENR) share price