Australia's Orora to sell fibre arm to Japan's Nippon Paper for $1.2b

Australia's Orora to sell fibre arm to Japan's Nippon Paper for $1.2b

Photo: Orora website

Australian packaging maker Orora Ltd said Thursday it will sell its local fiber materials business to Japan’s Nippon Paper Industries for A$1.72 billion ($1.15 billion), simplifying its operations and sending its shares up 20%.