Tele-Fonika Kable is set to take over JDR, a supplier of subsea umbilicals and power cables to the offshore energy industry. JDR made the announcement on Monday.
According to JDR, TFKable, a producer of wires and cables, has been an important business partner for JDR providing water blocked power cores for its cable and umbilical systems.
“JDR’s highly technical subsea systems, used in the global offshore oil, gas and renewable industries, allow its customers to power and control their offshore operations, and will enhance the range of cable solutions TFKable can provide to its customers,” JDR said in a statement.
Monika Cupiał-Zgryzek , Chief Executive Officer 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 Chief Executive Officer, 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. This news marks the next exciting chapter of our business.”
The transaction, which is subject to receipt of required regulatory approval and consents and other customary closing conditions, is expected to close in Q3 2017.
The company did not reveal the financial details of the transaction.