A successful Hartlepool company is expected to grow even further following a takeover.
JDR Cable Systems (Holdings) Ltd, based in the town’s Greenland Road, is one of the country’s leading suppliers of underwater cables that power the offshore energy industry.
It has celebrated a string of big deals in the last year alone.
Now, JDR is set to be acquired by Polish company Tele-fonika Kable, a global producer of wires and cables, with whom JDR has a long history of collaboration by providing power cores for its cable and umbilical systems.
The acquisition is described as a win-win for both companies, by enhancing the range of cables TFKable can offer its customers, while enabling JDR to continue to grow.
Monika Cupiał-Zgryzek, chief executive officer of TFKable, said: “TFKable is a strategic investor with long-term vision for JDR, sufficient resources to support its continued growth, and vast knowledge of the market.
“We highly appreciate JDR’s experienced people, recognised brand name, technological competence and a successful track record with regards to numerous innovative products.
“TFKable is planning to maintain JDR’s operations in current locations, providing new opportunities for the local employees and business partners, and offering our customers innovative solutions.”
JDR employs more than 200 people at its Greenland Road site.
David Currie, JDR chief executive officer, said: “This acquisition creates a strong platform for JDR to enhance its position in offshore energy cables and umbilicals.
“It demonstrates the value JDR’s leadership has created through targeted investment in subsea technology, services and manufacturing facilities, and the talent and expertise of our staff.
“This news marks the next exciting chapter of our business.”
Jonathan Guest, principal at Vision Capital, JDR’s selling majority owner, said: “Our investment in manufacturing facilities has transformed JDR, tripling revenues and growing the business to become a leading supplier to the oil, gas and renewables industries.
“We are delighted to have secured a long-term strategic owner for the business in the next stage of its development.”
The takeover is subject to regulatory approval, but is expected to be completed later this year.