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."


Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy