Michelin completes Fenner PLC acquisition
The sale of Fenner PLC to Michelin has been finalised following the deal’s approval by shareholders and relevant legal bodies earlier this month. Following delivery of the scheme of arrangement (under Part 26 of the United Kingdom’s Companies Act 2006) to the Registrar of Companies today, Fenner has become a wholly-owned subsidiary of Michelin. John Pratt, chief financial officer of Fenner, has been appointed Fenner’s new chief executive officer.
Fenner is a world leader in reinforced polymer technology. It provides conveyor belt solutions and reinforced polymer products for the mining and general industrial markets. The company reported revenues of £655 million for the year ended 31 August 2017.
Michelin expects the acquisition to deliver the following strategic benefits:
- Broader offer portfolio for mining customers: the acquisition will allow the Michelin Group to provide mining industry customers with a broader offering, ranging from tires to conveyor belts with related services and solutions, and also enhance both companies’ geographic reach.
- Broadened high-tech materials expertise and innovation: driven by a strong innovation culture, Michelin and Fenner are technology leaders and have successfully developed premium product portfolios. The addition of Fenner’s polymer portfolio will help Michelin develop into the reinforced polymer markets, notably in consumer goods, industrial devices and medical segments. Michelin is further developing its expertise in advanced materials and engineered products. Fenner will be the cornerstone of this process.
“We are pleased to welcome Fenner’s employees to the Group; thanks to their recognized expertise, Michelin will be able to accelerate its growth in the very dynamic high-technology materials market, which will be key to creating value in the coming years,” said Jean-Dominique Senard, chief executive officer of Michelin.