9th Sep 2019 08:42
(Alliance News) - Essentra PLC on Monday said it has acquired Spanish company Nekicesa Packaging SL for an undisclosed cash sum, as part of a plan to expand into the secondary packaging market for pharmaceutical and beauty industry.
"With a proven track record of profitable growth under an experienced management team, Nekicesa is a great fit with our own business in Barcelona as we continue to focus on our strategic objective of being the leading dedicated supplier of specialist secondary packaging and value-added services to the global pharmaceutical, personal care and beauty industry," said Essentra Chief Executive Paul Forman.
The UK-listed company has bought Nekicesa from GED Iberian B FCR and EBN Vaccaria FCR on a cash-free, debt-free basis and funded from existing facilities. The acquisition is expected to be immediately earnings enhancing, it said.
Nekicesa manufactures folding cartoons, leaflets and labels for the pharmaceutical and cosmetics industry.
London-listed shares Essentra were trading 1.0% higher at 406.48 pence each.
Essentra itself manufactures small components such as rivets, cable clamps, screws and plugs. It also produces packaging items and cigarette filters.
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