Essentra is often thought of as a packaging company and it does parcel up, among other things, lipsticks and perfumes. However, it also does much more — possibly too much more, given the vast array of products it makes and distributes and despite the endeavours of its chief executive to simplify this sprawling beast of a business.
Paul Forman, 54, brought in nearly three years ago to sort out the company, has streamlined divisions, bought and sold various bits and pieces and in the process has improved margins and restored underperforming operations to growth. What he has failed to do, however, is rescuscitate the share price, which remains in the doldrums and close to eight-year lows.
The most important moment in Essentra’s history probably came