A distribution agreement signed in the acquisition of a 20% stake in Techno Flex gives Senior Engineering an opening into the lucrative Japanese car market.
The company last week spent £6.2m buying the stake in Techno Flex, a Japanese metallic hose manufacturer.
Finance director Terry Garthwaite said Techno Flex will become a distributor for Senior’s Flexonics division, selling composite hose, expansion joints and related products in Japan.
He said Senior had opened a development engineering facility in Japan, aimed at winning work on new models launched by car makers Toyota and Honda.
Garthwaite also revealed that Senior is to drop the engineering tag from its name at the AGM. Shareholders are to be asked to approve the change of name to Senior plc.
Senior shares remained unmoved on the news, changing hands at 145.5p, some way off last year’s high of 240p.