StockMarketWire.com - Essentra signed an agreement to sell its speciality tapes business to OpenGate in a deal worth US$77m.

'With OpenGate having the investment resource to build on the unique capabilities of Speciality Tapes and to further 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,' the company said.

The company said it intended to use the proceeds from the sale to further strengthen its balance sheet.




At 8:25am: [LON:ESNT] Essentra share price was +3.6p at 420p



Story provided by StockMarketWire.com