The takeover of a offshore firm with two North East sites has been given regulatory approval.
JDR Cable Systems, which has sites in Newcastle and Hartlepool, is being acquired by Polish company Tele-Fonika Kable (TFKable) in an undisclosed deal.
The two companies have a long history of collaboration, with TFKable providing water blocked power cores for JDR’s 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.
The acquisition is now expected to be completed in the next week, with JDR promoting current chief operating officer Richard Turner to become its new chief executive.
Mr Turner said: “The opportunities for JDR from this acquisition are exciting, particularly in continuing to provide innovative products and services. JDR has ambitious plans for the future, and we remain committed to being the best in technology, best in customer relationships, and best in continuous improvement.
“Becoming part of the great trade organisation that is TFKable Group is a vital next step for JDR in achieving its aspirations.”
JDR, which supplies subsea power cables and umbilicals to the global offshore energy industry, opened a site on the Nepture Energy Park in Walker , Newcastle, earlier this summer, in a move that will bring 50 jobs to the site. The firm also employs around 180 people in Hartlepool .
TFKable Group CEO Monika Cupiał-Zgryzek said the Polish firm would maintain JDR’s current operations, including its sites in the North East.
She said: “Acquiring JDR is an important step in building sustainable competitive advantage. It increases our production capacity and will allow us to further develop and leverage JDR’s cable systems and umbilicals. It builds a greater presence in particular global markets, such as offshore wind.
“Our priority is to maintain continuity of TFKable Group’s operations, while simultaneously developing new technologies, deepening client relationships and further improving our manufacturing and sales 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.”
As well as the new role for Mr Turner, JDR’s current CEO David Currie will become an executive advisor alongside current chief financial officer Ivan Coyard. Chief technology officer James Young will also join the leadership team.
Source : Chroniclelive