Michelin agreed to buy UK-based conveyor-belt maker Fenner PLC for about £1.2 billion (US$1.7 billion), a move aimed at strengthening the French tire manufacturer’s presence in mining equipment.
Fenner shareholders are to receive £6.10 per share, Michelin said in a statement on Monday. That represents a 24 percent premium over the East Yorkshire, UK-based company’s closing price on Monday. Fenner shareholders would also receive a dividend of up to £0.021 per share to be declared on about April 25.
Michelin is to combine its own tire and conveyor-belt offerings with Fenner’s, strengthening the company’s sales to the mining industry, it said.
The company also gains an expanded portfolio of high-tech polymers it can use to develop new products for its material division.
“Mastering high-technology materials is key to creating value in the coming years,” Michelin chief executive officer Jean-Dominique Senard said in the statement. “The acquisition 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 traces its roots back to the middle of the 19th century when Joseph Fenner founded the business in the city of Hull, England. The company grew into the world’s largest conveyor-belt manufacturer, servicing industries from mining to factory automation, after first selling shares to the public in 1937.
Senard, the first outsider to lead Michlin, is stepping down next year after seven years in the role. Since taking the helm in 2012, he improved profitability amid rising competition from lower-cost rivals, partly by expanding the firm’s premium product lines.
The company also publishes the Michelin restaurant guide, which was created in 1900 to encourage people to drive longer distances.
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