Mondi plc (‘Mondi’ or the ‘Group’) is pleased to announce that it has entered into an agreement to sell its Personal Care Components business (‘PCC’) to Nitto Denko Corporation (‘Nitto’) for an enterprise value of €615 million, which is also the approximate cash consideration payable to Mondi at completion (the ‘Transaction’).
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.