Polymer products manufacturer Fenner PLC has acquired MRI Manufacturing &Research Inc. (MRIMedical), a privately-held company based in Tucson, Ariz.
The deal, which was for an undisclosed amount, includes the acquisition of gross assets of $2.6 million.
United Kingdom-based Fenner produces polymer products such as heavyweight PVC and rubber belts, which are used in products including conveyor belts engines and medical textiles. The firm employs nearly 3,900 people and reported sales of $795.3 million in 2009.
Mark Abrahams, CEO of Fenner, said the deal will allow his company to expand into the medical device arena. "The acquisition of MRI Medical is another important step towards the goal of building a significant presence for Fenner in the medical industry," he said in a prepared statement. Fenner group was founded in 1861 and has operations around the world through its subsidiaries, Fenner Dunlop, Fenner Drives, Fenner Precision, James Dawson, and Fenner Advanced Sealing Technologies. MRI Medical develops and manufactures silicone-based devices for customers, which include medical device companies.
MRI Medical's president claimed the move will help his firm expand internationally and foster the development of new technologies. "We are pleased to join the Fenner Group of companies,"Joseph Lee said. "We will be able to draw on Fenner's deep financial resources and diverse technical strength to expand our business worldwide and remain at the forefront of medical device development."