Fenner PLC Supply Agreement & Disposal of S.A. Sales Branches (9134L)
July 25 2017 - 2:00AM
UK Regulatory
TIDMFENR
RNS Number : 9134L
Fenner PLC
25 July 2017
25 July 2017
Fenner PLC
Long Term Supply Agreement & Disposal of Sales Branches in
South Africa
Fenner PLC is pleased to announce that, through its subsidiary,
Fenner Conveyor Belting (South Africa) (Pty) Ltd, it has signed a
long term agreement with Bearing Man Group (Pty) Ltd ("BMG") for
BMG to distribute Fenner Conveyor Belting products in specified
territories in Sub-Saharan Africa. As part of this arrangement, BMG
is acquiring the ECS service operations and related assets in South
Africa. Fenner's South African conveyor belt plant will supply BMG
with conveyor belting for South Africa and the other specified
territories.
Mark Abrahams, CEO of Fenner commented: "This is an exciting
opportunity for both Fenner and BMG and further strengthens the
long term relationship that exists between the companies. This
transaction will enable both companies to harness their respective
strengths and develop the sales opportunities in South Africa and
the wider Sub-Saharan territories for conveyor belting using the
well-respected, and well established branch and distributor network
operated by BMG, one of the strongest operators in Africa."
The transaction is conditional on clearance from the South
African competition authorities.
For further information contact:
Fenner PLC
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Mark Abrahams - Chief Executive Officer Tel: 01482 626500
John Pratt - Group Finance Director
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Weber Shandwick Financial
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Nick Oborne / Tom Jenkins Tel: 020 7067 0700
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This information is provided by RNS
The company news service from the London Stock Exchange
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