Essentra PLC (LON:ESNT) today announced it has acquired 100% of the share capital of Nekicesa Packaging S.L. from GED Iberian B, F.C.R. and EBN Vaccaria, F.C.R. for an undisclosed cash consideration.
With two well-invested facilities in Madrid, Nekicesa is one of the leading converters of folding cartons supplying the pharmaceutical end-market in Spain and will be reported under the Packaging division. The acquisition of Nekicesa adds manufacturing capacity and value-added service capability to the existing site footprint in Barcelona, thereby giving Essentra a presence in both pharmaceutical hubs in Spain and establishing the Company as a leading player with the potential for multi-product capability in this attractive packaging market.
Nekicesa has been acquired on a cash-free, debt-free basis, funded from existing facilities, and the transaction will be immediately earnings enhancing to the Company.
Commenting on today’s announcement, Paul Forman, Chief Executive said:
“The acquisition of Nekicesa is indicative of the value-creating acquisition opportunities which are available to us now that our Packaging division has successfully been stabilised. With a proven track record of profitable growth under an experienced management team, Nekicesa is a great fit with our own business in Barcelona as we continue to focus on our strategic objective of being the leading dedicated supplier of specialist secondary packaging and value-added services to the global pharmaceutical, personal care and beauty industry. I would like to welcome all at Nekicesa to Essentra and wish them every success.”