Fenner 'well placed to capitalise on growth chances'
MANUFACTURING: Fenner has reported trading in line with expectations following strong demand from the North American coal industry.
The Hessle manufacturer said demand levels from the North American coal sector had been above the lows of 2012, while Australian Conveyor Engineering – a company acquired by Fenner in November – had performed well.
In a trading update issued yesterday, the company said activity rates in its Advanced Engineering Products (AEP) division were expected to improve, adding: "There are encouraging signs that activity rates will be stronger in the second half."
In September, Fenner's AEP division acquired three businesses, including American Industrial Plastics, Norwegian Seals and Mandals.
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These are reported to have performed well, "and their contribution has partially offset the effects of the channel de-stocking experienced elsewhere in AEP," Fenner said.
The firm said it remained mindful of global economic uncertainty, but it remained "well placed to capitalise on the long-term growth opportunities in our core markets."