(Alliance News) - Essentra PLC on Friday continued its strategy to become a pure play components business, by starting a review of its Packaging unit.
The company, which manufactures plastic caps, workholding clamps, fasteners and knobs, is now also in need of a new chief financial officer, after chemicals firm Synthomer PLC announced the hiring of Essentra's CFO to run its own finances.
The Milton Keynes, England-based plastics foam products company initiated a strategic review of its Packaging division next to the ongoing strategic review of its Filters business. The company asserts the Filters unit review is progressing as planned.
Both reviews are expected to be completed in the second quarter of 2022, earliest, with Essentra aiming to become a "pure play global components" business over time.
Essentra noted it will look for a new finance chief to lead its simplified Components business, as Essex-based Synthomer said Lily Liu will take up her new role at Synthomer on July 1, 2022, replacing outgoing Chief Finance Officer Steve Bennett.
Liu was previously CFO at Xaar PLC, a UK listed inkjet technology developer, and Smiths Detection business, a division of Smiths Group PLC.
Essentra Chair Paul Lester said: "On behalf of the board, I would like to thank Lily for her contribution to Essentra over the past three years. She has played an important role in helping the team deliver on the group's strategy and growth objectives. We wish her well for the future and look forward to securing a chief financial officer for the Essentra components business over the coming months."
Shares in Essentra were down 1.8% at 307.50 pence each on Friday morning in London. Synthomer was 2.0% lower at 480.20p.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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