18th Sep 2015 09:34
LONDON (Alliance News) - Anglo-South African packaging company Mondi PLC on Friday said it has agreed the EUR54.0 million acquisition of Ascania Nonwoven Germany GmbH from private investment group Schloss Neugattersleben Group.
FTSE 100-listed Mondi said Ascania makes nonwoven fabrics and nonwoven composites used in personal care products. It supplies nonwovens to Mondi for diaper elastic laminates.
"This acquisition supports the development of our Consumer Packaging business. It will strengthen Mondi's position as the preferred supplier of hygiene components such as elastic laminates for diapers and enable further growth with innovative products for baby diapers, adult incontinence, femcare and medical applications," said Mondi Chief Executive David Hathorn.
Shares in Mondi were down 0.9% to 1,395.8 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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