Essentra PLC announced Jan. 14 that it closed the sale of its Pipe Protection Technologies business to unnamed wholly owned subsidiaries of National Oilwell Varco Inc. for US$48 million.
The business formed part of the company's specialist components division and had gross assets of £41.8 million as of June 30, 2018.
Essentra said it will use the proceeds from the deal to strengthen its balance sheet.
U.K.-headquartered Essentra manufactures and sells specialist plastic, fiber, foam and packaging products worldwide. National Oilwell Varco is a Houston-based oilfield services company.