7th Jan 2014 09:12
LONDON (Alliance News) - Specialty plastic and packing products supplier Essentra PLC Tuesday said that it has acquired Turkish hardware manufacturer and distributor Mesan Kilit A.S.
Essentra said that it acquired Mesan on a cash-free, debt-free basis, and the purchase was funded from its existing facilities. It didn't provide financial details of the agreement.
Essentra said that it expects the acquisition to be immediately earnings enhancing.
"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," said Chief Executive Officer Colin Day in a statement.
For calendar 2012, Istanbul-based Mesan generated revenue of USD19.7 million, with a three year compound annual revenue growth rate in excess of 20%, Essentra said. Mesan is a manufacturer and distributor of a range of locks, hinges, latches and hardware accessories, exporting to more than 75 countries, it said.
Essentra shares were trading at 877.15 pence per share Tuesday morning, up 0.3%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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