The deal was announced in July. JDR Cable Systems supplies subsea umbilicals and power cables to the offshore energy industry. The acquisition is expected to close within a week, with final legal and administrative proceedings pending.
JDR present CEO David Currie will be replaced with Richard Turner, who joined JDR as the chief operating officer in 2014.
Richard 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.”
The two companies opine that their combined strength can pave way for new opportunities for dynamic growth across international markets. The combination of know-how and experience will enable TFKable Group to offer improved solutions to its clients. At the same time, JDR’s clients and partners can benefit from TFKable Group’s global scale of operations and financial backing.
TFKable Group CEO Monika Cupial-Zgryzek 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."
Following the completion of the transaction, TFKable Group adds JDR’s two UK production sites in Hartlepool and Littleport to its existing six in Poland, Ukraine and Serbia.
Besides, it will gain JDR’s other UK offices and adds overseas sales and service units in the US, Brazil, Germany and Singapore.
