Announced
Financials
Tags
Acquisition
Majority
hardware products
Computer Hardware
Single Bidder
China
Pending
Private
Friendly
Cross Border
Synopsis
Essentra, a provider of essential components and solutions, agreed to acquire a 73% stake in Hengzhu, an access hardware manufacturer and distributor in China, for $15m. "This transaction strengthens our position in China, enabling us to expand our access hardware range. Hengzhu has excellent growth prospects and is a strong fit for the Components division. We have proven strong cross selling opportunities for this product range in Europe and Hengzhu provides us with the ideal platform to further penetrate Asia. There is also scope to leverage our operations expertise to increase the efficiency of the business. This transaction is earnings accretive and will deliver sustainable value to Essentra over the long-term," Paul Forman, Essentra CEO.
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