Essentra plc - Divestment of Extrusion business.
ENPNewswire-June 12, 2019--Essentra plc - Divestment of Extrusion business
(C)2019 ENPublishing - http://www.enpublishing.co.uk
Release date- 11062019 - Essentra plc ('Essentra' or the 'Company') today announces the divestment of its Extrusion business to Inter Primo A / S (the 'Transaction').
The Transaction values Extrusion at EUR16.2m (approximately GBP14.4m), free of cash and debt.
The consideration, which is subject to customary adjustments for net debt and working capital, has been satisfied fully in cash. The Board intends to use the proceeds to further strengthen Essentra's balance sheet.
The Extrusion business forms part of Essentra's Specialist Components division. For the year ended 31 December 2018, Extrusion delivered operating profit of GBP1.2m.
Commenting on today's announcement, Paul Forman, Chief Executive said: 'The sale of Extrusion not only represents good value for Essentra's shareholders, but also provides the business with a strong platform for future successful growth given Inter Primo's established presence in the extrusion industry. We wish the business every success in the future.'
Contact:
Joanna Speed
Tel: +44 (0)1908 359100
About Essentra plc
Essentra plc is a FTSE 250 company and a leading global provider of essential components and solutions. Organised into four divisions - reflecting the Company's strategic review - Essentra focuses on the light manufacture and distribution of high volume, enabling components which serve customers in a wide variety of end-markets and geographies.
Essentra Components
Essentra Components is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items. Operating in 28 countries worldwide, twelve manufacturing facilities and 29 logistics centres serve more than 85,000 customers with a rapid supply of low cost but essential products for a variety of applications in industries such as equipment manufacturing, automotive, fabrication, electronics and construction.
Essentra Packaging
Essentra Packaging is one of only two multicontinental suppliers of a full secondary packaging range to the health and personal care sectors, with 22 facilities across four geographic regions. The division's innovative products include cartons, leaflets, self-adhesive labels and printed foils used in blister packs, which help customers to meet the rapidly-changing requirements of these end-markets and can also be combined with Essentra's...
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