Essentra sells Irish paper merchant Swiftbrook

Packaging and component producer Essentra on Tuesday divested the trade and assets of Swiftbrook Ireland for an undisclosed consideration.

Swiftbrook, a paper merchant based in Dublin that serves customers in end-markets such as office supplies, commercial print and pharmaceutical, generated revenue of €4.4m for the last calendar year.

Chief executive Paul Forman said: "The sale of our Swiftbrook business is reflective of the portfolio assessment which we are continuing to undertake, to ensure that we focus both our people and investment resource on those activities where we have identified that Essentra has real strategic strengths."

FTSE 250 listed company Essentra this year adopted divisional restructuring, which was adopted from 1 January, splitting the firm into components, packaging, filters and specialist components divisions.

The firm also on 6 July acquired 100% of the share capital of Swedish cap and plug manufacturer Nolato Hertila for a consideration of approximately £4.9m.

Essentra’s shares were down 1.83% at £493.80 at 1211 BST.