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May 25, 2018 02:00 AM

Fenner reports growth ahead of Michelin takeover

European Rubber Journal
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    HESSLE, England—Polymer engineering company Fenner P.L.C. has reported a strong half-year performance ahead of its expected takeover by Michelin.

    "All business areas continue to perform well with some notable market-share gains," Fenner said in its half-year report published April 25.

    Revenue for the first half, ended Feb. 28, stood at $476 million, up 15 percent compared to $413 million in 2017.

    Operating profit rose 49 percent to $45 million for the period, marking improvement in both Fenner businesses: Advanced Engineered Products and Engineered Conveyor Solutions.

    Trading environments, said the Hessle-based company, are showing more widespread signs of improvements, although there remains some caution among customers.

    Commenting on the proposed acquisition by Michelin, which was announced in March, Fenner said benefits would include the French group's global scale and purchasing expertise as well as access to its polymer capabilities.

    It added that the acquisition "represents an opportunity for Fenner shareholders to crystallise in cash the value of their holdings on attractive terms."

    The deal is expected to be complete by May 31.

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