PCC, part of the group’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. In 2020, PCC generated underlying EBITDA of €42 million.
Nitto is a leading global manufacturer of high functional materials for electronics, mobilities and human life applications following its ‘Global Niche Top Strategy’ headquartered in Japan and listed on the Tokyo Stock Exchange. Nitto’s acquisition of PCC is aligned with its stated mid-term management plan ‘Nitto Beyond 2023’, targeting growth in the field of human life.
Following the planned completion of the transaction, the remaining portion of Engineered Materials, namely Functional Papers and Films, will be merged into the Mondi's Flexible Packaging business unit. This will strengthen integration along the kraft paper value chain and foster innovation to continue developing functional papers with the necessary barriers to meet increasing customer demand for sustainable packaging.
The transaction is expected to close in the second half of 2022.