Packaging and paper group Mondi has agreed to offload its personal care components business to Nitto Denko for an enterprise value of €615.0m.
Mondi said on Thursday that its strategic focus was to grow in packaging and given the “limited overlap” of the division with the rest of its business, it decided that the next phase of the unit’s development would be better if “undertaken outside of the group”.

Following the completion of the disposal, the remaining portion of Mondi’s engineered materials unit, namely its functional papers and films arms, will be merged into its flexible packaging business unit.

Chief executive Andrew King said: “We are pleased to have agreed the sale of PCC to Nitto, knowing they will be great owners of the business. By simplifying our portfolio, the transaction will enable us to focus on our core packaging and paper businesses and enhance our ability to pursue our strategic priority to grow in sustainable packaging.”

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x