REG - Essentra plc - Strategic Update and Directorate Change

EssentraAnnouncement

26/11/2021 07:00

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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 Director   Olivia Peters

 Tel: +44 (0)7741 577 586                   Martin Robinson

                                            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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