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Essentra to sell clean wipes business in 220-million-pound deal

Reuters

(Reuters) - Filter products maker Essentra Plc (ESNT.L) said it had agreed to sell its clean wipes making unit to an affiliate of buyout specialist Madison Industries in a deal worth 220 million pounds, exiting a non-core unit after a turbulent year.

The company, which is a supplier of speciality plastic and packaging components, said it expected conditions to close the Porous Technologies deal to be satisfied by the first quarter of 2017.

Essentra, which has warned on results twice this year, said that the Porous Technologies business reported revenue of 91.6 million pounds and operating profit of 19 million pounds for the year ended Dec. 31, 2015.

(Reporting by Pranav Kiran in Bengaluru; Editing by Sunil Nair)