Mondi plc (LON:MNDI) has announced that it has completed the sale of its Personal Care Components business, part of the Engineered Materials business unit, to Nitto Denko Corporation for an enterprise value of €615 million.
The remaining portion of Engineered Materials, Functional Paper and Films, will become part of Flexible Packaging and reported within this segment. This strengthens integration along the kraft paper value chain, enabling us to develop more innovative functional papers with barrier properties, fulfilling our customers’ needs for sustainable packaging.
Commenting on the transaction, Andrew King, Group CEO of Mondi, said:
“We are pleased to have completed the sale of PCC to Nitto ahead of schedule. This enables us to simplify our portfolio and focus on our strategic priority to grow in sustainable packaging.
I’d like to say a heartfelt thank you to all our colleagues at PCC for their valuable contribution over the years and we wish them much success at Nitto.”