LONDON, August 25, 2016-

UK-based Essentra Plc is selling its Porous Technologies business to Filtration Group, a subsidiary of Madison Industries, for £220 million in cash and a promissory note. The Porous Technologies unit makes filtration and wipes among other products.

The deal is expected to close in the first quarter of 2017. The purchase consideration includes £215 million in cash and about £5 million in the form of a promissory note payable three years from the completion of the transaction.

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