Fenner plc the reinforced polymer engineering company, said it had completed the acquisition of Prodesco for US$47 million. Prodesco develops and manufactures technical fabrics for industrial, aerospace and chemical equipment original equipment manufacturers ("OEMs"). Prodesco also operates a second business called Secant Medical, whih develops and produces textile structures for the medical device market.
Fenner said it may pay up to US$18 million over five years if certain revenue projects are met. Prodesco generated profit before tax of US47.4 million in 2007. Fenner said it expected the acquisition to be earnings enhancing.
Mark Abrahams, CEO of Fenner PLC said:
"Prodesco is a great company which builds on Fenner's core expertise in textile engineering while exemplifying our AEP Division's primary focus on performance-critical, polymeric components. Secant Medical is a natural extension to Fenner's business and gives it exposure to a segment of the medical market which has attractive growth and resilience characteristics."