Paul Forman, Essentra CEO, says, "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 stabilizing 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."
Essentra announced it was selling Porous Technologies to Filtration Group in August calling the divestment consistent with its drive for 2020 strategic objective of active portfolio management, with the aim of creating sustainable, long-term shareholder value,
Porous Technologies has good technologies, Day added, but was no longer core to Essentra. It will be a better fit for Filtration Group, which has products supporting essential bio medical procedures such as disease detection and prevention, laboratory testing and genetic analysis. Its innovations are found in a wide range of products from electronics to household applications. The acquisition also broadens U.S.-based Filtration Group's global presence by adding operations in the US, Asia and Europe.