The remaining portion of Engineered Materials, Functional Paper and Films, will become part of Mondi’s Flexible Packaging business unit and will be reported within this segment.

Mondi said this would strengthen integration along the kraft paper value chain, enabling it to develop more innovative functional papers with barrier properties, fulfilling its customers’ needs for sustainable packaging.

The completion of the transaction was announced on Friday (1 July). Mondi Group CEO Andrew King 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.

“I’d like to say a heartfelt thank you to all our colleagues at PCC for their valuable contribution over the years and we wish them much success at Nitto.”

In 2021, Mondi had revenues of €7.7bn and underlying EBITDA of €1.5bn. In May, the company confirmed its plans to divest its Russian operations because of the country’s invasion of Ukraine.