Mondi to Sell Personal-Care Components Business for EUR615 Million
17 February 2022 - 6:48PM
Dow Jones News
By Kyle Morris
Mondi PLC said Thursday that it will sell its personal-care
components business to Nitto Denko Corp. for 615 million euros
($699.5 million) as it focuses on expanding its business in
packaging.
The paper-and-packaging group said the business generated
underlying earnings before interest, taxes, depreciation and
amortization of EUR42 million in 2020, but has limited overlap with
its strategic focus.
Following the transaction, the remainder of Engineered Materials
will be merged into the Flexible Packaging business unit, it
said.
"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," Chief Executive Andrew King said.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
February 17, 2022 02:33 ET (07:33 GMT)
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