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 extrusion business for about 14.4 million pounds, or approximately $18 million.
The buyer was a Danish company, Inter Primo, which is another plastics company that primarily serves Europe, Russia and China.
Inter Primo says that will the purchase, it becomes one of Europe’s largest plastics extrusion business.
The extrusion operation forms part of Essentra's specialist components business and achieved an operating profit of £1.2m in the year to 31 December 2018.
The company has about 1,100 employees working at 14 production facilities in Denmark, Sweden, Finland, Poland, Germany, Russia and China.
”Essentra Extrusion fits into our organization as it is very similar to Inter Primo,” says Claus Tønnesen, managing director of Inter Primo. “Consolidations characterize the plastic market, and it is a necessity to grow to be able to keep up with an increasingly demanding market—both in terms of technology and sustainability.”