Filtrona completes acquisition of Contego Healthcare

Plastics and fibre company Filtrona has completed its acquisition of Contego Healthcare as part of its strategy of complementing balanced, profitable organic growth with value-adding acquisitions.

The group said the product portfolio complements its existing packaging solutions capabilities in the pharmaceutical and healthcare markets of labels, tear tape and authentication technologies.

In a statement Filtrona said: "The acquisition will not only enhance the range and innovation opportunities offered to existing Contego and Filtrona customers, but also provide access for both companies to potential new customers through leveraging their combined skills.

"In addition, through adding critical mass to the company in these end-markets and significant additional scale in western Europe, the acquisition of Contego provides opportunity for further development in both Porous Technologies and in speciality tapes through an expanded and more focused category-based commercial approach."

Contego was acquired for £160m on a cash free, debt free basis and was funded in part a share placing equal to 9.99% of the company's issued share capital.

The share price edged 0.42% higher to 709.50p by 08:55 Wednesday.

NR