Hull, UK - Fenner has bought King Energy Services, based in Farmington, New Mexico, a privately owned business specialising in the distribution and servicing of oilfield, gas industry and mining equipment and related products. Some urethane products are among the mining parts the company currently distributes.
Fenner will pay $5.65 million for the company, with just over £1 million satisfied by the issue of 217 000 shares in Fenner plc to King Energy. Tom King, the major shareholder in King Energy, will continue to work with the business, Fenner said.
According to Mark Abrahams, ceo of Hull, UK-based Fenner plc, 'King Energy represents a further development of our growth strategy in North America and enables us to offer a full service capability in the important south west mining area."
"In particular it also strengthens our presence in the coal mining sector, where Fenner Dunlop has a major and widely recognised position countrywide," Abrahams added, in Fenner's announcement.