LONDON—Fenner P.L.C.'s subsidiary CDI Energy Products has completed the final part of its European restructuring with the divestment of its Norwegian seals business on Feb. 13.
Part of Fenner's Advanced Sealing Technologies group, CDI still will continue working with Norwegian Seals as their distributor, CEO Mark Abraham said.
With the move, CDI will centralize its business in its principal operation in Houston where its main customer base is located.
CDI designs and manufactures custom seals for upstream oil and gas applications and is the group's largest oil and gas related business.
CDI has retained its operation in Singapore, which also is a key market for its products.
The gross assets disposed with this transaction equate to less than 1 percent of Advanced Sealing Technologies' gross assets, Fenner said.