Need for the company’s product from China as well as the US to keep up with the demand for coal and other resources is keeping Fenner’s outlook high, the Yorkshire Post Today reported. So high, in fact, that the company’s full-year pre-tax profit doubled after its April acquisition of Wellington Holdings proved fruitful and exceeded expectations.
An immense demand for more production in China paired with power failures that hit New York and California residents, therefore increasing the need for new power generation facilities, have sent Fenner into full production with its conveyor belt manufacturing plant running at top capacity.
Construction on a second Fenner plant is also under way. The facility, which will produce hydraulic cylinders, will also provide high-temperature hose that will aid in decreasing truck and bus pollution.
Demand and its buyout of Wellington, said chairman Colin Cooke, were the two forces in what is turning out to be a great year for the company.
“A buoyant energy sector has been a significant factor in our recent growth and the confidence of our customers in this area is an encouraging sign.” Cooke told the Yorkshire Post Today.