LONDON (April 29, 2011)—Fenner P.L.C. has bought 100 percent of the share capital of Multiseals, which is a privately owned company based in Singapore.
Multiseals manufactures and distributes seals to the oil and gas industry in the Asia-Pacific region. This strategic acquisition will allow Fenner Advanced Sealing Technologies to exploit the expanding Asian aftermarket for its oil and gas products, the company said.
Total consideration for the acquisition is about $11.8 million. The acquisition was carried out by Fenner Singapore Pte Ltd., a wholly owned subsidiary of Fenner, and the purchase will be partially funded by a new share issue.