A leading global producer of wires and cables has acquired Hartlepool-based JDR Cables.
The completion of the deal comes as JDR introduces its new chief executive officer, Richard Turner.
Turner 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.
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.”
Turner 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.
Currie said: “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.”
JDR was named the Northern Powerhouse Exporter of the Year award at this year’s PD Ports Northern Powerhouse Export Awards.
The company will now be looking to grow the number of international markets it serves as it teams up with TFK.