Renold plc (LON:RNO), a leading international supplier of industrial chains and related power transmission products, has announced that it has acquired the trade and net assets of MAC Chain Company Ltd (U.S.) and the entire issued share capital of MAC Chain Company Limited (Canada), for a total cash consideration of US$31.4 million.
Highlights
· With operations in the Pacific Northwest of the USA, British Columbia, and Quebec, MAC Chain is a manufacturer and distributor of high quality conveyor chain (CVC) and ancillary products, with a significant presence in the forestry and broader industrial markets.
· The Acquisition substantially increases the Group’s access to the Western US and Canadian CVC markets, particularly forestry, which we have identified as a significant opportunity for the Group to expand into.
· When combined with Renold’s existing US and Canadian operational footprint, the Acquisition presents opportunities for significant manufacturing synergies on integration into the enlarged Group.
