Essentra has taken over Arkansas-based Micro Plastics for an undisclosed cash consideration.
Micro Plastics - a leading manufacturer and distributor of nylon fasteners and other plastic components for a wide range of industrial end-markets - will be reported under the company's components division.
Essentra said the acquisition not only expanded the division's product range and added manufacturing capacity in the US, but also - with a facility in Monterrey - it provided an entry platform into the attractive Mexican market.
For the year ended 30 Jun, Micro Plastics generated revenue of c. US$26.8m and adjusted EBIT of c. US$1.7m.
Essentra said Micro Plastics had been acquired on a cash-free, debt-free basis, funded from existing facilities, and the transaction would be immediately earnings enhancing.