Fenner PLC Disposal (8162I)

TIDMFENR

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                  01482 626500 
  John Pratt, Group 
  Finance Director            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

END

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September 02, 2016 04:01 ET (08:01 GMT)