Essentra plc has entered into an agreement to acquire Clondalkin’s Specialist Packaging Division (SPD) for a cash consideration of approximately $455 million.
With 24 strategically located facilities, Clondalkin SPD is a leading global provider of a broad suite of speciality secondary packaging solutions for the pharmaceutical and health & personal care industries, and will transform Essentra’s position in these end-markets. As a leading player in North America, and with strong market positions in Europe, Clondalkin SPD’s range of technologies and capabilities support the high product quality and the versatility to deliver the complex solutions required.
David Lennon, Co-CEO the group, stated, ‘We believe that Essentra will continue to build upon the legacy of excellent service and high quality built by the strong teams in place across our businesses in Europe and North America. We also believe the deep commitment Essentra has demonstrated to pharmaceutical and healthcare packaging through its extensive network of well invested plants makes it an ideal owner of this business.’
Colin Day, chief executive of Essentra, said, ‘The acquisition of Clondalkin SPD is a compelling strategic and complementary fit for Essentra, which transforms our existing geographical capabilities to pharmaceutical and healthcare customers who are increasingly seeking a global partner for their packaging requirements. In addition, Clondalkin SPD substantially enhances Essentra’s position in the growing personal care and beauty packaging industry. With an experienced management team and proven track record, this acquisition – being the largest in the Company’s history – underscores Essentra’s commitment to building a leading global provider of essential components and solutions in our targeted market categories.’
Completion of the above agreement is expected in the first quarter of 2015 and is subject to customary regulatory approval.
