Sri Lankaâ€™s Hayleys buys Fentons for Rs963mn
ECONOMYNEXT – Sri Lanka’s Hayleys conglomerate said it has bought control of engineering firm Fentons Limited for 963 million rupees, saying the acquisition would boost profitability given rapid growth in infrastructure and support services.
A stock exchange filing said Hayleys has acquired 75 percent of Fentons Limited, which was established in 1921.
“The management of Hayleys believes that there is a strong strategic fit between the two organizations and the acquisition will positively contribute to the Hayleys group’s turnover and profitability considering the growing demand in the country’s infrastructure and support services sector,” it said.
Fentons provides electrical and mechanical engineering services for building systems and information communications technology infrastructure.
(COLOMBO, March 15, 2016)