HESSLE, England (May 18) — Fenner P.L.C. has agreed to sell a 25-percent interest in Fenner (South Africa) Pty. Ltd., its South African conveyor belting business to Peotona Group Holdings (Pty.) Ltd.
The sale at an undisclosed cost to the black-owned business is part of South Africa's broad-based Black Empowerment program. Fenner said. Fenner retains 75-percent control of the business, which will continue to be consolidated in its corporate financial reports.
The company said the deal isn't expected to have a material effect on its earnings.