16th Oct 2015 07:06
LONDON (Alliance News) - Chemicals company Essentra PLC on Friday said it has struck a deal to buy the pharmaceutical packaging unit of Kamsri Printing & Packaging Pvt Ltd for an undisclosed amount in cash.
FTSE 250-listed Essentra said Kamsri is a Bangalore, India-based premium packaging products manufacturer for the pharmaceutical and healthcare industries in India.
The deal will be immediately earnings-enhancing and the business will be integrated into Essentra's health and personal care packaging unit.
"The acquisition of Kamsri is a compelling strategic fit for Essentra, and is consistent with the company's objective of supplementing balanced, profitable organic growth with value-adding transactions in its targeted end-markets," said Essentra Chief Executive Colin Day.
"Indeed, with its highly complementary product range, Kamsri provides Essentra with an entry point into the attractive pharmaceutical and healthcare industries in India, thereby reinforcing our global packaging capabilities and enhancing the opportunities for our customers," Day added.
Shares in Essentra opened up 0.5% to 856.5 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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