Essentra plc Strategic Update and Directorate Change (6509T)
26 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMESNT
RNS Number : 6509T
Essentra plc
26 November 2021
ESSENTRA PLC
STRATEGIC UPDATE AND DIRECTORATE CHANGE
Further to the announcement of 26(th) October outlining the
strategic goal to become a pure play components business, the
Essentra Board has decided to commence a strategic review of the
Packaging division. This review will run in parallel with the
previously announced strategic review of Filters, which is
progressing as planned. The Board remains focused on maximising
shareholder value and it is anticipated that both reviews are
likely to conclude in Q2 2022 at the earliest.
Lily Liu, Chief Financial Officer ("CFO") has informed the Board
she will be leaving the Company to take up a new role at Synthomer
plc. Lily will remain in her role until 30 June 2022 with key
responsibilities associated with driving the strategy to become a
pure play Components business and working with the Board on the
strategic reviews of Filters and Packaging. The Board's intention
is to appoint a CFO for the Essentra Components business in due
course, underlining the future strategic direction of the
Company.
Paul Lester, Chairman, said: "On behalf of the Board I would
like to thank Lily for her contribution to Essentra over the past
three years. She has played an important role in helping the team
deliver on the Group's strategy and growth objectives. We wish her
well for the future and look forward to securing a CFO for the
Essentra Components business over the coming months".
Lily Liu, CFO, said: "I have thoroughly enjoyed my time at
Essentra but there is still a lot to do in the business before I
leave in June 2022. I will continue to work closely with Paul
Forman and the rest of the team as we lead Essentra through its
transformation and focus on the strategic reviews of the Filters
and Packaging businesses".
This announcement contains inside information.
Enquiries
Essentra plc Tulchan Communications LLP
Lucy Yank, Group Communications Olivia Peters
Director Martin Robinson
Tel: +44 (0)7741 577 586 Tel: +44 (0)20 7353 4200
Notes to Editors
About Essentra plc
Essentra plc is a FTSE 250 company and a leading global provider
of essential components and solutions. Organised into three global
divisions, Essentra focuses on the light manufacture and
distribution of high volume, enabling components which serve
customers in a wide variety of end-markets and geographies.
Headquartered in the United Kingdom, Essentra's global network
extends to 34 countries and includes 7,430 employees, 48 principal
manufacturing facilities, 30 sales & distribution operations
and 3 research & development centres.
For further information, please visit www.essentraplc.com.
Essentra Components
Essentra Components is a global market leading manufacturer and
distributor of plastic injection moulded, vinyl dip moulded and
metal items. Operating in 25 countries worldwide, 14 manufacturing
facilities and 23 sales & distribution centres serve more than
82,000 customers with a rapid supply of low cost but essential
products for a variety of applications in industries such as
equipment manufacturing, automotive, fabrication, electronics and
construction. The division also includes the Reid Supply business,
which provides a wide range of branded hardware supplies to a broad
base of industrial customers, largely located in the US
Mid-West.
Essentra Packaging
Essentra Packaging is one of only two multicontinental suppliers
of a full secondary packaging range to the health and personal care
sectors, with 23 facilities across three geographic regions. The
division's innovative products include cartons, leaflets,
self-adhesive labels and printed foils used in blister packs, which
help customers to meet the rapidly-changing requirements of these
end-markets and can also be combined with Essentra's authentication
solutions to help the fight against counterfeiting.
Essentra Filters
Essentra Filters is the only global independent cigarette filter
supplier. Currently headquartered in Singapore, the division has
thirteen sites across nine countries, including three innovation
centres, providing a flexible infrastructure strategically
positioned to serve the tobacco sector. The business supplies a
wide range of value-adding high quality innovative filters,
packaging solutions to the roll your own segment and analytical
laboratory services for ingredient measurement to the industry:
Essentra's offering also includes Heat Not Burn and e-cigarette
solutions to the rapidly evolving market for Next Generation
Products. The division also includes the Tear Tapes business, which
is globally recognised as the leading manufacturer and supplier of
pressure-sensitive tear tapes, that are largely used in the
tobacco, food and drink and specialist packaging sectors.
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END
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