LONDON (June 27, 2008) — Fenner P.L.C. is planning to acquire the assets of Conveyor Services Corp. and its subsidiaries for a total of $66 million.
CSC has eight branches and 375 employees that design, install and maintain conveyor systems for the material handling industries in the Americas. Services include conveyor belt splicing, pulley lagging and the service and provision of conveyor idlers and conveyor structures.
Fenner said it is paying $46 million now for the business and another $20 million a year after the deal closes if the acquisition meets certain financial targets. Fenner said it expects to complete the purchase before September.