Last checked at 7 Jan 2014 07:00
For immediate release | 7 January 2014 |
ESSENTRA PLC
A leading international supplier of speciality plastic, fibre, foam & packaging components
ACQUISITION OF MESAN KILIT A.S.
Essentra plc ("Essentra" or "the Company") today announces that it has acquired 100% of the share capital of Mesan Kilit A.S. ("Mesan") for an undisclosed cash consideration. Mesan has been acquired on a cash-free, debt-free basis, and was funded from the Company's existing facilities.
Mesan is the leading Turkish manufacturer and distributor of a range of locks, hinges, latches and hardware accessories for use in a wide variety of attractive growth end-markets. These markets include electricity and power distribution, telecoms, industrial, IT and transportation. Based in Istanbul, Mesan additionally exports to more than 75 countries, including to the Middle East & Africa and Asia, from a new, state-of-the-art facility.
For the year ended 31 December 2012 Mesan generated revenue of US$19.7m, with a three year compound annual revenue growth rate in excess of 20%. The transaction is expected to be immediately earnings enhancing, and will be reported under the Company's Component & Protection Solutions division.
Commenting on the acquisition, Colin Day, Chief Executive, said:
"The acquisition of Mesan is a compelling strategic fit for Essentra, and is consistent with the Company's Vision 2015 objective of complementing balanced profitable organic growth with value-adding transactions. With leading market positions and a proven track record of strong profitable growth, Mesan significantly enhances our offering in the growing hardware segment. In addition, the acquisition not only provides entry into the attractive Turkish market and a number of other fast-growing export markets for our Components business, but it also acts as a platform for the geographic expansion of our other activities in the region."
Enquiries
Essentra plc Joanna Speed, Corporate Affairs Director Tel: +44 (0)1908 359100 | Buchanan Richard Oldworth Jeremy Garcia Tel: +44 (0)20 7466 5000 |
Notes to Editors
Essentra plc is a FTSE 250 company and a leading international supplier of speciality plastic, fibre, foam and packaging products. Through its four principal operating divisions, Essentra focuses on the light manufacture and distribution of high volume, essential components which serve customers in a wide variety of end-markets and geographies.
Component & Protection Solutions
The Components business is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal items. Operating units in 25 countries serve a very broad industrial base of customers with a rapid supply of primarily plastic products for a variety of applications in industries such as hydraulics, pneumatics, electrical controls and construction.
The Pipe Protection Technologies business specialises in the manufacture of high performance innovative products from commodity resins to engineering-grade thermoplastics and polymer alloys for use in a range of end-markets. Locations in four countries, combined with a wide distributor network, serve customers around the world.
Porous Technologies
A global market leading developer and manufacturer of custom fluid handling components, engineered from a portfolio of technologies that includes bonded and non-woven fibre, polyurethane foam and porous plastic. Representing leading innovations used in healthcare, consumer and industrial applications, its enabling components are found in a wide range of products from medical diagnostics tests to advanced wound care pads, inkjet printer cartridges, writing instruments, clean room wipes and air fresheners. Customers in over 56 countries are served from six manufacturing facilities with research and development centres supporting the division globally.
Packaging & Securing Solutions
A leading global provider of packaging and securing solutions to a diversified blue-chip customer base. With a focus on delivering value adding innovation, quality and service to customers through a range of cartons, tapes, leaflets, foils and labels for the healthcare, consumer and specialist packaging, point of sale and paper & board industries. The division is also a leading supplier of authentication technologies and identity solutions. Customers in over 100 countries are served from facilities operating in eight countries.
Filter Products
The only global independent cigarette filter supplier. The nine worldwide locations, including a UK-based research facility and three regional development centres provide a flexible infrastructure strategically positioned to serve the tobacco industry. The division supplies a wide range of value adding high quality innovative filters, packaging solutions to the roll your own sector and analytical laboratory services for ingredient measurement for the industry.
Other
The Extrusion business is a leading custom profile extruder located in The Netherlands and offers a complete design and production service. One of the first companies to extrude plastics in 1956, it is now one of Europe's most advanced suppliers of co-extrusions and tri-extrusions to all branches of industry.
Headquartered in the United Kingdom, Essentra's global network extends to 32 countries and includes c. 5,500 employees, 42 principal manufacturing facilities, 64 sales & distribution operations and 5 research & development centres. For further information, please visit www.essentra.com.