Fenner seals Wellington deal

Fenner has bought the polymer seals manufacturer Wellington Holdings in a deal that values Wellington at £44.6m. Last year Wellington reported pre-tax profits of £5.1m on sales of £33.9m.

"The acquisition materially expands Fenner`s successful precision polymer activities and Wellington`s operations should quickly benefit from our strong presence in many of the markets it has targeted for growth," says Mark Abrahams, Fenner`s chief executive.

Fenner says that the enlarged group could provide opportunities for cost savings and could act as a platform for acquiring more businesses.