Paper and packaging solutions company Mondi has completed the sale of its personal care components business (PCC), part of the engineered materials business unit, to Nitto Denko Corporation for an enterprise value of R1.05-billion (€615-million).
Mondi group CEO Andrew King says the sale of PCC, which was finalised ahead of schedule, enables Mondi to simplify its portfolio and focus on its strategic priority to grow in sustainable packaging.
The remaining portion of Mondi’s engineered materials, functional paper and films, will become part of the group’s flexible packaging division and will be reported as such within this segment.
This strengthens integration along Mondi’s kraft paper value chain, enabling the company to develop more innovative functional papers with barrier properties and fulfilling customers’ needs for sustainable packaging.