Essentra begins review of packaging unit in push to slim down

By Reuters

<div> <p> – Essentra Plc has started a review of its packaging division, nearly a month after launching a similar move for its tobacco sector-led filter unit, as the British company looks to focus on its industrial component-making business.</p> <p>The London-listed company also said on Friday that Chief Financial Officer Lily Liu would step down by June next year to take up a new role at polymer maker Synthomer. </p> <p>The company, which supplies speciality plastic and packaging components, expects reviews of both units to finish in the second quarter of 2022 as it pushes to be a pure play global components business. </p> <p>The leaner components unit would make plastic moulded, vinyl dip moulded and metal items used in equipment manufacturing, automotive and electronics. </p> <p>The unit also includes Essentra’s Reid Supply business, which provides branded hardware supplies to industrial customers, largely located in US Midwest. </p> <p>Shares of the <span class="caps">FTSE</span> 250 listed company were down about 3% at 303.5 pence in early trading amid weakness in the broader market.</p> <p/> </div>