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80.80 -2.00 (-2.42%)

Bid:

80.80

Ask:

81.40

Spread: 0.60 (0.743%)

Market Cap: £229.04m

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Essentra Buys Knobs & Handles Maker Innovative Components

Thu, 27th Jun 2019 12:14

(Alliance News) - FTSE 250-listed plastic and fibre products maker Essentra PLC said Thursday it acquired Innovative Components Inc and Componentes Innovadores Ltd for an undisclosed sum.

"As a leading provider of knobs, pins and handles, Innovative Components both strengthens and extends our product range while adding further valuable manufacturing capacity in the Americas," Essentra Chief Executive Officer Paul Forman said.

"Innovative Components is a strong strategic fit with our own successful hardware business and another example of the attractive acquisition opportunities available to our Components division," Forman added. "As the last few months has demonstrated, we are continuing to combine the successful stabilisation of our businesses to generate stable organic growth with the active management of our portfolio."

In 2018, Innovative Components generated USD11 million in revenue and Essentra expects the acquisition to be immediately earnings enhancing. Essentra will pay for the purchase using existing debt facilities.

Shares in Essentra were 0.1% higher at 421.00 pence in London on Thursday.