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Mondi Plans to Spin Off its South African Packaging Unit

Mondi Plc, Europe’s largest maker of office paper, said it will spin off its interest in a South African packaging company and list it separately in Johannesburg so that it can focus on expanding.

The unit, Mondi Packaging South Africa, is the only business owned by Mondi that produces rigid plastics and cartonboard. It accounted for 9 percent of Mondi Group’s revenue in 2009, according to data compiled by Bloomberg. Its revenue from continuing operations in 2010 was 591 million euros ($843 million), Mondi said today in a statement.