Fenner acquires Prodesco

Reinforced polymer engineering company Fenner has acquired innovative textile company Prodesco from its shareholders for an initial sum of £7.7m which could rise to £9.4m.

Prodesco, a US company, consists of two businesses. The first develops and manufactures a range of specialised technical fabrics used in performance-critical and proprietary applications by industrial, aerospace and chemical equipment OEMs.

The other business, Secant Medical, develops and manufactures textile structures for the medical device market, mostly for components in devices which are used to treat cardiovascular and orthopaedic conditions.

Prodesco and Secant Medical will continue to operate under their current names and will together operate within Fenner’s Advanced Engineered Products (AEP) Division.

Mark Abrahams, CEO of Hessle, Yorkshire-based Fenner, said: ‘Prodesco is a great company which builds on Fenner’s core expertise in textile engineering while exemplifying our AEP Division’s primary focus on performance-critical, polymeric components. Secant Medical is a natural extension to Fenner’s business and gives it exposure to a segment of the medical market which has attractive growth and resilience characteristics.’

Fenner’s products include lightweight and heavyweight conveyor belting for the mining and power generation markets, precision motion control products for the office automation and mechanical equipment markets, and sealing products for the mining, hydraulics and energy industries.