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Polymer technology company Fenner PLC has signed a long-term supply agreement with engineering components distributor Bearing Man Group (BMG) as part of a drive to reorganise its conveyor belt distribution system in Africa. The company will also sell its Engineered Conveyor Solutions service operations and related assets.

Subsidiary Fenner Conveyor Belting South Africa has signed a long-term agreement with Bearing Man Group for the distribution of its conveyor belting products in specified territories in sub-Saharan Africa. As part of this arrangement, BMG will acquire the Engineered Conveyor Solutions service operations and related assets in South Africa.

Mark Abrams CEO Fenner“This is an exciting opportunity for both Fenner and BMG and further strengthens the long term relationship that exists between the companies. This transaction will enable both companies to harness their respective strengths and develop the sales opportunities in South Africa and the wider sub-Saharan territories for conveyor belting using the well-respected, and well established branch and distributor network operated by BMG, one of the strongest operators in Africa,” Mark Abrams, CEO of Fenner, said in a statement.

BMG, Africa's largest specialist distributor of engineering components, is a subsidiary of Invicta Holdings, an investment holding and management company controlling and managing assets worth more than R14-billion. It has interests in engineering solutions, capital equipment and building supplies. Fenner designs and manufactures conveyor belts for mining and heavy duty industrial applications. It offers steel cord conveyor belts and fire resistant conveyor belting products.

Shares in both Invicta and Fenner were up on the news of the deal.

No financial details were released on the announcement of the agreement, which is conditional on clearance from the South African competition authorities.

Image credit: http://www.fenner.com/en/directors_details/19

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