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Essentra Divests Extrusion Business To Inter Primo In EUR 16.2 Mln Deal

Essentra plc. (ESNT.L), a supplier of plastic and fibre products, announced Tuesday that it has divested its Extrusion business to Inter Primo A / S. The deal values Extrusion at 16.2 million euros or about 14.4 million pounds, free of cash and debt.

The company said the consideration has been satisfied fully in cash. The consideration is subject to customary adjustments for net debt and working capital.

The Board intends to use the proceeds to further strengthen Essentra's balance sheet.

The Extrusion business was part of Essentra's Specialist Components division. It recorded operating profit of 1.2 million pounds for the year ended December 31, 2018.

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."

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