By Anthony O. Goriainoff

Essentra PLC (ESNT.LN) is selling its pipe-protection technologies business to National Oilwell Varco Inc. (NOV) for $48.0 million, the company said Monday.

The London-listed supplier of plastic and fiber products said it will use the money from the sale to further strengthen its balance sheet.

For the year ended Dec. 31, 2017, the divested business had an operating profit of 4.2 million pounds ($5.4 million) and gross assets at June 30, 2018 stood at GBP41.8 million.

Shares in Essentra at 1505 GMT were down 1.4% at 364.60 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

January 14, 2019 10:40 ET (15:40 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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