Supplier of subsea umbilicals and power cables to the offshore energy industry, JDR Cable Systems (Holdings) Ltd. (JDR) has announced that it is set to be acquired by TELE-FONIKA Kable (TFKable), subject to regulatory approval.
While TFKable produces wires and cables, JDR’s highly technical subsea systems are used in the global offshore oil, gas and renewable industries. The cables offered allow customers to power and control offshore operations.
Monika Cupial-Zgryzek, CEO of TFKable, commented: “TFKable is a strategic investor with long-term vision for JDR, sufficient resources to support its continued growth, and vast knowledge of the market. We highly appreciate JDR’s experienced people, recognised brand name, technological competence and a successful track record with regards to numerous innovative products.
“TFKable is planning to maintain JDR’s operations in current locations, providing new opportunities for the local employees and business partners, and offering our customers innovative solutions.”
David Currie, JDR’s CEO, commented: “This acquisition creates a strong platform for JDR to enhance its position in offshore energy cables and umbilicals. It demonstrates the value JDR’s leadership has created through targeted investment in subsea technology, services and manufacturing facilities, and the talent and expertise of our staff.”
Jonathan Guest, Principal at Vision Capital, commented: “Our investment in manufacturing facilities has transformed JDR, tripling revenues and growing the business to become a leading supplier to the oil, gas and renewables industries.”
The transaction is expected to close in 3Q17.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/18072017/tele-fonika-kable-set-to-acquire-jdr/