Regulatory approval granted for TFKable Group`s acquisition of JDR
Group TELE-FONIKA Kable (“TFKable Group”), a leading global producer of wires and cables, today announces that regulatory approval for its acquisition of JDR Cable Systems (Holdings) Ltd. (“JDR”), a premier supplier of subsea umbilicals and power cables to the offshore energy industry, has been granted. The completion, which is expected within a week pending final legal and administrative proceedings, comes as JDR introduces its new Chief Executive Officer, Richard Turner.
Richard joined JDR as Chief Operating Officer in 2014 to lead the global manufacturing, project management and supply chain functions. He came with a background of senior management positions at Komatsu, Terex and Technip and holds mechanical engineering and MBA degrees.
Richard comments: “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.”
Richard will head the JDR leadership team alongside the company’s longstanding Chief Technology Officer, James Young. Both will join the JDR board along with TFKable Group’s board of directors.
Having led JDR through a significant period of growth and restructure to position JDR for its next steps under new ownership, David Currie, JDR’s current CEO, and Ivan Coyard, currently Chief Financial Officer, will be taking up new roles as Executive Advisers to the new JDR Board.
David Currie explains: “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. 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.”
The companies’ collective strength will provide opportunities for value creation and dynamic growth in international markets. The combination of know-how and experience will allow TFKable Group to provide its clients with even better, more reliable and innovative solutions, while JDR’s clients and partners will benefit from TFKable Group’s global scale and strong financial backing, providing a firm platform for growth.
Monika Cupiał-Zgryzek, CEO of TFKable Group, adds: “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.”
TFKable Group adds JDR’s two UK production sites in Hartlepool and Littleport to its existing six in Poland, Ukraine and Serbia. The Group also gains JDR’s other UK offices and adds overseas sales and service units in the US, Brazil, Germany and Singapore. As a result of the acquisition, TFKable Group, will employ nearly 4,000 people worldwide.
The transaction has been funded through TFKable Group’s own resources as well as the financial support of a six-bank consortium.
About TFKable Group
TFKable Group is a leading global producer of wires and cables, with major production facilities in Europe and sales offices globally. With their HQ in Poland, TFKable Group employs nearly 4,000 people and consists of several trading companies, with a significant number of production plants around Europe and a Cable Waste Recycling Department in Poland. TFKable Group offers 25,000 types of wires and cables, which are sold in 80 countries. With a consistent growth strategy based on client portfolio diversification, TFKable Group has cemented its position as a world leader in the cable business, with significant further development potential.
JDR’s world-leading solutions bring power and control to energy systems in the global offshore oil, gas and renewable industries. For more than 20 years, we have built our success on our technical expertise and reliability. Every market we enter, every customer we serve, and every project we deliver benefits from exactly the same dedication to technical quality, service and support.
In designing, manufacturing, delivering, installing and supporting subsea power cables and umbilical systems, our engineers and manufacturers are committed to providing products and services of the highest quality. We deliver consistently reliable solutions through our specialist engineering and experienced project management teams. Our 24/7 service and support throughout the product lifecycle meets even the most complex and demanding project requirements.