(Correcting that Mondi is located in Weybridge, not Addlestone)
Mondi PLC - Weybridge, England-based packaging and paper company - Completes the sale of its Personal Care Components business to Nitto Denko Corp for EUR615 million. The company entered into an agreement to sell Personal Care Components unit, which is part of its Engineered Materials business unit, back in February.
Mondi Chief Executive Andrew King says the disposal will simplify the company's portfolio and help it focus on its strategic priority to grow in sustainable packaging. The remaining portion of Engineered Materials, Functional Paper and Films will become part of Flexible Packaging.
Osaka, Japan-based Nitto Denko manufactures a wide range of chemical products used as materials for industrial and electronic components.
London current stock price: 1,476.00 pence, 1.4% on Monday
12-month change: down 24%
Johannesburg current stock price: ZAR292.07, up 1.6% on Monday
12-month change: down 24%
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Mondi (MNDI)