Essentra earns £14.4m through Extrusion sale
Quoted Milton Keynes company Essentra plc has divested its Extrusion business to global player Inter Primo A/S.
The deal values Extrusion at €16.2 million (approximately £14.4m), 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 December 31, Extrusion delivered operating profit of £1.2m.
Essentra chief executive Paul Forman 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.”