Source - RNS
RNS Number : 8162I
Fenner PLC
02 September 2016
 

2 September 2016


Fenner PLC
("Fenner" or "the Group")

Disposal of Xeridiem Medical Devices, Inc

Fenner PLC announces the disposal yesterday of Xeridiem Medical Devices, Inc ("Xeridiem") to PPC Industries, Inc for a consideration of $10.5 million, payable in cash.

Xeridiem is a manufacturer of minimally-invasive catheters and other single-use medical devices; it is located in Tucson, Arizona, USA.

During the year ended 31 August 2015, Xeridiem achieved an operating profit of $0.2 million before certain non-recurring items and had gross assets of approximately $3.2 million.

The proceeds of the sale will initially be used to reduce Fenner's net indebtedness.

Mark Abrahams, Chief Executive of Fenner PLC, commented as follows:                                                      

"Fenner has recently invested significantly in its medical businesses, most particularly through the acquisition of Charter Medical in January 2015 and the construction of state of the art, purpose-built facilities for Secant Medical, which have now entered the testing and certification phases. Together, these businesses provide a platform for exploiting our knowhow in new and growing fields to support our customers' ambitious growth plans.

We believe Xeridiem will bring more synergies to the acquirer whilst the mutually beneficial deal will allow us to focus on the significant growth opportunities in Secant and Charter."   

 

ENDS


For further information please contact:

Fenner PLC

 

Mark Abrahams, Chief Executive
John Pratt, Group Finance Director

01482 626500
01482 626500

Weber Shandwick Financial

 

Nick Oborne / Tom Jenkins

020 7067 0700

 

Notes:

Fenner PLC is a world leader in reinforced polymer technology, providing local engineered solutions for performance‐critical applications.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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