Orora selling fibre business to Nippon
Friday 18 Oct 2019Australian packaging maker Orora Ltd has announced that it’s selling its local fibre materials business to Japan’s Nippon Paper Industries for AU$1.72 billion, simplifying its operations and sending its shares up 20%. The sale would be the third-largest Australian acquisition by a Japanese company this year, according to Refinitiv data. The business to be sold includes the B9 Paper Mill, fibre converting, specialty packaging, cartons, bags, functional coatings and Orora WRS packaging distribution.
"The Australasian Fibre Business has been an important part of Orora since listing on the ASX in 2013. The Offer from Nippon Paper is an exciting opportunity for the Fibre team to join one of the world's largest forest, paper and packaging companies, with a strong track record of investment to support growth, including in people and technology" Chairman Chris Roberts said.
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