Manchester industrial chain and power transmission firm Renold plc has acquired the trading assets of Davidson Chain PTY in Australia for AU$6 million.

“Established in Melbourne, Australia, in 1991, Davidson is a family owned manufacturer and distributor of high-quality conveyor chain (CVC),” said Renold.

“The acquisition increases the group’s access to the Australian CVC market, building on Renold’s existing strong market position.

“Opportunities exist for significant manufacturing synergies between Davidson and Renold’s current Australian operations.

“The Davidson management team have transferred to the group, bringing with them a wealth of industry experience and market knowledge, and will continue to lead the Davidson business, joining Renold’s Australasian management team.

“The acquisition is expected to immediately enhance group earnings per share, and be accretive to the group’s operating margin.”