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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
