Essentra Components, a leading global provider of essential industrial components, has completed the acquisition of
Device Technologies, furthering its global presence. Based in Massachusetts, Device Technologies designs, manufactures and distributes a broad range 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.
Essentra‘s CEO Scott Fawcett 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.”
Nick Petri, special advisor and former owner of Device Technologies, said: “I am thrilled that Device Technologies has joined the Essentra family and look forward to seeing it grow with the backing and global reach of the parent company. We have worked together closely for many years, and this feels like a natural and beneficial step forward for our skilled and experienced team at Device Technologies.”