Packaging firm Essentra plc has announced the planned acquisition of Abric Berhad, a Kuala Lumpur-based manufacturer of security sealing products.

The deal cost the Milton Keynes, England, group around 28 million pounds ($45.5 million), to be funded from existing facilities.

Abric supplies its products into end markets such as healthcare, energy, manufacturing, retail and automotive.

The group generated annual turnover last year of around 15 million pounds ($24.3 million).

Essentra’s chief executive Colin Day said Abric was a “compelling fit” for his company.

“Not only is its product portfolio applicable to a broad range of attractive end-markets and is highly synergistic with our manufacturing and distribution channels, Abric also significantly expands the division's presence in the fast-growing Asia Pacific region.”