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Essentra PLC on Wednesday said its £60 million share buyback programme will run for a further year until the end of 2024. The Oxford-based components company said it has bought back 12.3 million shares worth £22.2 million so far under the programme which was launched in late March. It decided to extend the programme to December 31, 2024 from December 31, 2023 as a result of ‘a disciplined focus’ on capital allocation requirements, including the acquisition of Milan-based manufacturer and distributor of protective caps and plugs BMP SRL. In September, Essentra bought BMP TAPPI for up to €37 million. The company will pay €33.5 million for BMP TAPPI, as well as a deferred payment of up to €3.5 million. Shares in Essentra were up 2.5% to 166.20 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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