Mondi plc has completed the sale of its Personal Care Components business (PCC) to Nitto Denko Corporation for an enterprise value of €615m.
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.”
PCC used to be part of Mondi's Engineered Materials division. The remaining portion of Engineered Materials, Functional Paper and Films, will become part of Flexible Packaging and reported within this segment, according to Mondi's statement. This will strengthen integration along the kraft paper value chain, enabling the company to develop more innovative functional papers with barrier properties, said Mondi.