Essentra, a supplier of plastic and fibre products, sold its Pipe Protection Technologies business to National Oilwell Varco, a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry, for $48m. Commenting on today's announcement, Paul Forman, Chief Executive of Essentra said: "As we continue to assess our portfolio of businesses, it is clear that the unique capabilities of PPT can be better developed - both in terms of people and investment resource - by a third party with real strategic strength in the wider oil and gas industry. As a result, the transaction not only represents good value for Essentra's shareholders, but also provides our PPT business with a strong platform for future successful growth under the strategic ownership of NOV."