Umbilical and power cable provider for the offshore energy industry JDR Cable Systems is to be acquired by the Polish-based producer of wires and cables TELE-FONIKA Kable (TFKable).
The transaction, subject to required regulatory approvals and consents and other customary closing conditions, is expected to close in the third quarter of 2017, JDR informed.
TFKable plans to maintain JDR’s operations in current locations, providing new opportunities for the local employees and business partners, according to TFKable’s CEO, Monika Cupiał-Zgryzek.
David Currie , JDR’s CEO, said: “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.”
Monika Cupiał-Zgryzek added: “TFKable is a strategic investor with long-term vision for JDR, sufficient resources to support its continued growth, and vast knowledge of the market.”
TFKable employs over 3,000 people and consists of 5 trading companies, with 6 production plants around Europe and a Cable Waste Recycling Department in Poland.
As provider of cables and umbilicals for oil and gas and renewable energy industry, JDR entered into a 5-year collaboration agreement with tidal energy developer Atlantis Resources back in 2015.
The companies agreed to develop solutions for storage, installation, monitoring, connection, termination and testing of offshore subsea cables as well as advancing their engineering design.