- Essentra has confirmed that it has completed the disposal of its Porous Technologies business to Filtration Group with effect from today.

The net proceeds from the transaction are anticipated to be in the region of £185m which the company said will be used to repay existing debt facilities.

Paul Forman, Chief Executive, said: "The successful completion of the divestment of Porous Technologies significantly strengthens Essentra's balance sheet, and the consequent reduction in gearing will facilitate the necessary process of stabilising the business that I have previously communicated.

Taken in conjunction with the detailed review of the Company, we are thus making progress with regard to the issues which have recently impacted Essentra, and I look forward to sharing our future corporate strategy at the time of our interim results at the end of July."

At 1:15pm: [LON:ESNT] Essentra share price was +5.75p at 540.75p

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