Belting deal for Fenner

ENGINEERING group Fenner said today its had bought an Australian belting firm for nearly Aus $4m.
By The Newsroom
Published 4th Jul 2011, 09:36 BST

The group, based in Hessle near Hull, said its subsidiary Enerka Apex Belting Pty acquired the gross assets of privately owned Statewide, based in Burnie, Tasmania, for Aus $3,945,000 (£2.63m).

Earlier this year Fenner bought Singapore-based Multiseals for 14.425m Singapore dollars (£7.04m).

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Statewide specialises in the provision of belting products, accessories and installation services to the mining and manufacturing industries in Tasmania.

Nick Hobson, chief executive of Fenner, said: “Statewide represents a further strategic piece of the Fenner Dunlop Australia (FDA) service network and will broaden the reach of our value added service model. Moreover it reinforces FDA’s position as the leading provider of conveyor products, solutions and service to the buoyant mining and resource markets in Australia”.

Fenner is a leader in reinforced polymer engineering.

Analysts at Liberum Capital, which has an office in Leeds, said the deal “reinforces (Fenner’s) position as the leading provider of conveyor products and services to mining markets in Australia”.