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Press Release 2022

2022/Feb/17

Nitto acquires personal care component business of Mondi

Nitto Denko Corporation(headquarter: Osaka, Japan, President: Hideo Takasaki, hereafter Nitto)announces that Nitto and Mondi plc (listed on the London Stock Exchange, UK, CEO: Andrew King, hereafter Mondi) agreed on Nitto to acquire the personal care component business (*1) of Mondi for an enterprise value of 615 million Euro in total (79,950 million JPY by currency rate 130 JPY/Euro). This acquisition will strengthen Nitto’s position in the ‘Human Life’ domain. This is a focus domain of ‘Nitto Beyond 2023’, the mid-term management plan announced in September, 2021. The acquisition is expected to be closed in the middle of 2022, subject to regulatory approval and other necessary conditions.

The Personal care component business of Mondi includes the core materials production capacity, a top global customer base, a global supply system and environmentally-conscious products which are essential factors for further global business growth. Nitto strategically invests management resources in three focus domains as defined in the ‘Nitto Beyond 2023’ midterm management plan, being next generation mobility, information interface and human life, and accelerates a new product and service creation in those domains. This acquisition of Mondi’s personal care component business will strengthen Nitto’s effort in expanding human life solutions supporting a good health and well-being.

Hideo Takasaki, President, CEO and COO, Nitto says,
‘Nitto highly appreciates the strong position Mondi has built-up in the personal care component business and is very pleased to welcome the Mondi personal care team to join forces with us. As described in the ‘Nitto Beyond 2023’ mid-term management plan, we aim to build a resilient corporate structure immune to external environments through three key pillars as of promoting ESG management, speeding up innovation and strengthening management infrastructure. We expect this acquisition will make a great contribution to achieve the ‘Nitto Beyond 2023’ goals not only by speeding up innovation in the human life domain but also by promoting ESG management, by involving a new base in Germany, the leading country in Europe, to take the lead in environmental initiatives and strengthen infrastructure management through Nitto’s business functions in the region.’

Nitto will drive its unique ‘Niche Top’- strategy by maximizing the new business platform in Germany, the largest industrialized country in Europe, supported by the knowledge and experience of the Mondi team. Additionally, by adding Mondi’s personal care components business, Nitto will strengthen its position globally on top of the existing personal care business in the emerging areas of the Middle East and Africa by expanding the customers base and extending the value chain.

The impact of this deal on Nitto earnings forecast for the fiscal year ending March 2022 will be minor.

*1: About personal care component business
The manufacturing and sale of hygienic materials for elastic components, non-woven fabrics and functional film that are found in diapers, feminine hygiene products, wet wipes, and face masks.

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