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Fenner completes CDI restructuring

15 February 2017 09:50

Fenner's Advanced Sealing Technologies group of businesses has completed the final part of its restructuring to reposition its CDI European operations following the sale of its Norwegian business on 13 February.

Fenner said this sale enabled CDI to centralise the European business back into its principal operation in Houston, Texas, which is where CDI's main customer base is located.

CDI has retained its operation in Singapore, which is also a key market for its products.

Fenner said: "The restructuring will enable CDI to continue to concentrate on building market share, strengthening its market position and building on its customer service capabilities while also enhancing its product innovation and new product offering in what is a competitive environment.

"CDI will be able to operate on a leaner more efficient and cost effective basis as a result of this restructuring.

"CDI designs and manufactures custom seals for upstream oil and gas applications and is the Group's largest oil & gas related business."

Fenner said the gross assets disposed with this transaction equated to less than 1% of Advanced Sealing Technologies' gross assets.

At 9:50am: (LON:FENR) Fenner PLC share price was +2.25p at 302.25p

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Related Company: FENR

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