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Mondi PLC - Addlestone, England-based packaging and paper company - Announces the sale of its Personal Care Components business to Nitto Denko Corp for EUR615 million. Osaka, Japan-based Nitto Denko manufactures and markets a wide range of chemical products which are used as materials for industrial and electronic components.
PCC, part of the Mondi's Engineered Materials business unit, manufactures a range of components for personal and home care products needed in everyday life such as diapers, feminine care, adult incontinence and wipes.
"Mondi's strategic focus to grow in packaging and the limited overlap of PCC with the rest of its business, has led Mondi to conclude that the next phase of PCC's development will be better undertaken outside of the group," Mondi said.
Current stock price in London: 1,934.50 pence, up 1.1% on Thursday
12-month change: up 4.0%
Current stock price in Johannesburg: ZAR395.42, up 1.3% on Thursday
12-month change: up 4.7%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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