VIENNA (From news reports) -- Mondi PLC said Thursday that it will sell its personal-care components business to Nitto Denko Corp. for 615 million euros ($699.5 million) as it focuses on expanding its business in packaging.

The paper-and-packaging group said the business generated underlying earnings before interest, taxes, depreciation and amortization of EUR42 million in 2020, but has limited overlap with its strategic focus.

Following the transaction, the remainder of Engineered Materials will be merged into the Flexible Packaging business unit, it said.

"By simplifying our portfolio, the transaction will enable us to focus on our core packaging and paper businesses and enhance our ability to pursue our strategic priority to grow in sustainable packaging," Chief Executive Andrew King said.