Essential industrial components supplier, Essentra Components, has acquired Massachusetts based Device Technologies, a designer, manufacturer and distributor of specialty cable protection devices such as grommet edging, shielding gaskets and cable sleeving.
The acquisition supports Essentra’s inorganic growth strategy and comes following a successful multi-year distribution partnership between Essentra and Device Technologies. It also strengthens and extends Essentra’s manufactured product offering and deepens product knowledge within the organisation. Essentra will retain the Device Technologies brand.
Scott Fawcett, CEO of Essentra, said: “The acquisition of Device Technologies enhances Essentra’s product portfolio, expands our presence in the Americas, and unlocks further cross-selling opportunities across the Group. It also further builds our product profile and increases exposure in a variety of markets, from energy transformation, through to transportation and general industries.”
He added: “Device Technologies has over 40 years of operational experience and a strong track record of growth. This transaction is a clear example of our inorganic growth strategy in action, leveraging our strong balance sheet to drive product expansion and market share gains. I am delighted that Device Technologies is now part of Essentra.”
Commenting on the deal, Nick Petri, Special Advisor & Former Owner, Device Technologies, said: “I’m thrilled that Device Technologies has joined the Essentra family and look forward to seeing the company grow with the backing and global reach of Essentra. We have worked together closely for many years, and this feels like a natural and beneficial step forward for our skilled and experienced Device Technologies team.”
Learn more: https://www.essentracomponents.com/en-gb
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