Fenner sells its hydraulic arm to SPX for £40m
Fenner plc has sold its fluid power business to the SPX Corporation of the US for £40m. The sale includes Fenner`s operations in Romford, Essex, and Rockford, Illinois, which last year turned in a profit of £3m on sales of £32.2m.
The sale follows an approach to Fenner by SFX which wants to establish itself as a world-leading supplier in the high and intermediate pressure hydraulic markets.
SPX chief executive John Blystone says that the deal will bring new technologies and complementary products to his company`s existing lines. He adds that Fenner`s global presence will position SPX "for increased international growth".
The Fenner business will join SPX`s Power Team which already produces hydraulic systems components and high-force industrial tools. Fenner makes products for both mobile and stationary applications. Its portfolio includes hydraulic power packs, air motors, vacuum and vapour recovery pumps, and water hydraulics.