TFKable's JDR takeover approved

UK: Polish firm Tele-Fonika Kable has been granted regulatory approval for its takeover of UK-based cabling specialist JDR Cables and named a new CEO for JDR.

TFKable will acquire JDR's Hartlepool facility in north-east England as part of the transaction
TFKable will acquire JDR's Hartlepool facility in north-east England as part of the transaction

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In July, JDR announced the takeover of the wire producer for an undiclosed fee. TFKable said it intends to continue operating JDR in its current locations with the same staff and partners.

TFKable funded the transaction through its own capital and with financial support from a consortium of six banks.

Following the completion of the transaction, expected within a week, TFKable will add JDR's two UK production sites in Hartlepool and Littleport to its existing six in Poland, Ukraine and Serbia.

The company will also take on JDR's overseas sales and service units in the US, Brazil, Germany and Singapore. 

TFKable has also introduced Richard Turner as the new CEO of JDR, replacing David Currie. Turner was previously the firm's chief operating officer from 2014. 

Currie and CFO Ivan Coyard will take up roles as executive advisers on the JDR board. 

"The acquisition by TFKable Group is the desired next step in the evolution of JDR to be owned by and to join a large industrial trade player," said Currie.

"That the new owner is a trusted partner of over ten years, who has supported JDR in achieving our leadership position in renewables and sees JDR's oil and gas technology and position as a significant platform for growth, is ideal," he added. 

JDR has supplied numerous offshore wind projects. Recently, it was selected to provide 66kV inter-array cables to the WindFloat Atlantic site in Portugal and was named preferred supplier for the 750MW Maryland development in the US.

In the UK, it has deals with Dong Energy for the 1.2GW Hornsea Project One and with ScottishPower Renewables for the 714MW East Anglia One site, both in the North Sea.

TFKable CEO Monika Cupial-Zgryzek said the acquisition would help the firm develop new technologies and improve its manufacturing processes.

"After completion, we will be working more closely with JDR on multiple levels, including developing our shared product portfolio, expanding sales and extending our client services," she said.

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