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Essentra sells Pipe Protection Technologies business to National Oilwell Varco

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.