UK-based Essentra, manufacturers of plastics and fibers that serve a variety of industries, including point-of-purchase displays for retail outlets, announces the sale of its U.S.-based specialty tapes business to private equity group OpenGate Capital for $77 million.
Essentra Specialty Tapes is headquartered in Forest Park, Illinois.
Paul Forman, Essentra’s chief executive, said the sale represented another “significant” move by the firm to simplify its portfolio, adding that OpenGate had the investment resources to build on Speciality Tapes’ capabilities and diversify its end-market exposure.
“The transaction both represents good value for Essentra’s shareholders and provides the business with a strong platform for future successful growth,” Forman added.
In June Essentra sold off its plastic extrusion business to a Danish company, Inter Primo.