Michelin set to complete £1.2bn takeover of UK engineering firm Fenner

By Johan De Mulder

Michelin is to acquire UK engineering firm Fenner after a £1.2bn deal was agreed by the two companies.

Fenner, a FTSE 250 company that specialises in reinforced polymer technology, will give the French tyre manufacturer access to the production of high-technology materials that will help its customers in the mining industry. 

Michelin has also identified opportunities to achieve material cost savings, unlock processing efficiencies and leverage R&D skills, with a view to delivering faster growth and creating significant value.

See also:


Yorkshire-based Fenner was founded in 1861 but faced an uncertain future as recently as two years ago. A decline in demand for its conveyor belts from the oil and gas industry reduced profits but the company turned itself around through a range of cost-cutting measures.

"Michelin values the skills, experience and industry knowledge of the Fenner group’s management and employees," said CEO Jean-Dominique Senard. "Mastering high-technology materials is key to creating value in the coming years.

"Fenner will enable Michelin to accelerate its growth in this area, and to strengthen its position as a key player in the recovering mining markets with a comprehensive offering."

Fenner CEO Mark Abrahams added: "We find the cultural fit and business opportunities excellent with Michelin. Both companies have innovation in their DNA and are customer solution oriented."

Share
Share

Featured Articles

Age of the CISO – a new chapter for cyber security

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Exclusive: Making the UAE a global force in cybersecurity

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on plans to build the world’s most secure digital society for a safer society

UAE cyber leaders – back to basics to prepare for the future

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

Top 10: Procurement & Supply Chain LIVE speaker highlights

Leadership & Strategy

10 apps to improve wellbeing on World Mental Health Day

Leadership & Strategy

Meet the COO: Brook Sims of MAC Diversity Recruiters

Leadership & Strategy