Essentra plc Acquires Specialty Plastics
Essentra plc ("Essentra" or "the Company") today announces that it has completed the acquisition of Specialty Plastics for an undisclosed cash consideration, funded from the Company's existing facilities.
Based in Perth, Australia, Specialty Plastics is a leading distributor of an extensive range of protective plastic products for a wide variety of attractive growth end-markets, including hydraulics, fabrication, construction and mining. The transaction will be immediately earnings enhancing to the Company, and will be reported under the Distribution Strategic Business Unit ("SBU").
Commenting on today's announcement, Colin Day, Chief Executive, stated: "The acquisition of Specialty Plastics is consistent with our Drive for 2020 strategy of complementing balanced profitable organic growth with value-creating transactions. In particular, it underscores how we can continue to add value to our Distribution SBU through attractive bolt-on acquisitions, from both a product and a geographic perspective. With a complementary offering, and adding a distribution site on the west coast to the Company's existing facility in Sydney, Specialty Plastics will allow Essentra to serve customers even better across the Australian market with a rapid supply of essential components."