Fenner snaps up US plastics group

ENGINEER Fenner has continued its acquisitive streak by buying an American plastics firm.
By The Newsroom
Published 10th Aug 2012, 07:00 BST

The Hessle, East Yorkshire-based firm is acquiring Florida’s American Industrial Plastics (AIP) for an undisclosed sum.

The deal is Fenner’s second bolt-on acquisition this week, after it snapped up oil and gas components firm Norwegian Seals. AIP makes precision-machined advanced polymers and components used in the medical, aerospace, oil and gas markets.

Fenner is buying gross assets worth $3.8m (£2.4m).

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AIP will be merged with Fenner Advanced Sealing Technologies (FAST).

“AIP’s proprietary manufacturing technologies, which include polymer machining techniques with unprecedented levels of precision, complement FAST’s existing capabilities and business in the oil and gas and medical markets,” said Fenner chief executive Nick Hobson.

On Tuesday, Fenner announced the purchase of Norwegian Seals to bolster its CDI seals business. Both deals are expected to complete in early September.

Related topics:AmericanFloridaEast Yorkshire