A TAKEOVER deal for a subsea power cable maker has moved closer to completion.

Tele-fonika Kable has received regulatory approval over its bid for JDR Cable Systems.

The deal is expected to be completed in the coming days, and JDR, which employs hundreds of workers at a Hartlepool plant, has reshuffled its senior management team in readiness of the agreement.

Loading article content

The firm says Richard Turner has taken over as chief executive, with predecessor David Currie becoming a board advisor.

Mr Turner will be supported by longstanding chief technology officer James Young, with the duo both joining the JDR board alongside Tele-fonika Kable’s board of directors.

The takeover was first mooted earlier this year, with bosses at the time saying the companies had a long history of collaboration.

Highlighting JDR’s subsea systems, which are used in the global offshore oil, gas and renewable industries, they said the deal would help enhance the range of solutions Tele-fonika can provide to customers.

Reacting to the agreement’s sanctioning, Mr Turner said: “The opportunities for JDR from this are exciting, particularly in continuing to provide innovative products and services.

“We have ambitious plans for the future and 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 Tele-fonika is a vital next step for JDR in achieving its aspirations.”

Under the terms of the deal, wire and cable producer Telefonika adds JDR’s Hartlepool factory, which is the firm’s main cable making hub, and a sister base in Cambridgeshire, to existing sites in Poland, Ukraine and Serbia.

It will also take on JDR’s new European service centre in Newcastle and overseas sales and service units in the US, Brazil and Singapore.

Monika Cupiał-Zgryzek, Tele-fonika chief executive, added: “Acquiring JDR is an important step in building a sustainable, competitive advantage.

It increases our production capacity and will allow us to further develop and leverage JDR’s cable systems, while building a greater presence in global markets, such as offshore wind.”

Earlier this year, The Northern Echo reported how JDR will support America’s largest wind farm in a £220m deal by working alongside US Wind Inc on the Maryland Development.

The company will make and install hundreds of miles of cabling for Maryland, which developers say is expected to be the largest US wind farm to date and will include up to 187 turbines capable of powering hundreds of thousands of homes.

The deal surpasses a previous 150-mile cable deal to support Dong Energy’s Hornsea Project One.

Delivery and installation is expected to be carried out across 2019 and 2020.