Essentra begins review of packaging unit in push to slim down

(Reuters) - Essentra Plc has started a review of its packaging division, nearly a month after launching a similar move for its tobacco sector-led filter unit, as the British company looks to focus on its industrial component-making business.

The London-listed company also said on Friday that Chief Financial Officer Lily Liu would step down by June next year to take up a new role at polymer maker Synthomer.

The company, which supplies speciality plastic and packaging components, expects reviews of both units to finish in the second quarter of 2022 as it pushes to be a pure play global components business.

The leaner components unit would make plastic moulded, vinyl dip moulded and metal items used in equipment manufacturing, automotive and electronics.

The unit also includes Essentra's Reid Supply business, which provides branded hardware supplies to industrial customers, largely located in US Midwest.

Shares of the FTSE 250 listed company were down about 3% at 303.5 pence in early trading amid weakness in the broader market.

(Reporting by Muhammed Husain and Pushkala Aripaka in Bengaluru; Editing by Arun Koyyur)