Fenner has announced that its wholly owned subsidiary, Fenner Norway, has exchanged contracts to purchase 100 per cent of the share capital of privately owned company Norwegian Seals.
Norwegian Seals, which has operations in Norway and the UK, manufactures and distributes performance-critical seals to the oil and gas industry, with a particular emphasis on subsea, wellhead and downhole applications.
The acquisition will enable CDI Seals, part of Fenner’s AEP division, to exploit the North Sea market and will enhance Norwegian Seals’ ability, as part of the Fenner group, to build its industry presence.
The audited value of the gross assets being acquired was NOK47.4m (£5.1m) as at 31 December 2011. The transaction is expected to be completed in early September 2012.