Essentra Sells Pipe-Protection Technologies Unit for $48 Miln
15 January 2019 - 2:55AM
Dow Jones News
By Anthony O. Goriainoff
Essentra PLC (ESNT.LN) is selling its pipe-protection
technologies business to National Oilwell Varco Inc. (NOV) for
$48.0 million, the company said Monday.
The London-listed supplier of plastic and fiber products said it
will use the money from the sale to further strengthen its balance
sheet.
For the year ended Dec. 31, 2017, the divested business had an
operating profit of 4.2 million pounds ($5.4 million) and gross
assets at June 30, 2018 stood at GBP41.8 million.
Shares in Essentra at 1505 GMT were down 1.4% at 364.60
pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 14, 2019 10:40 ET (15:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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