Mondi would buy the US bags and kraft paper business of Graphic Packaging International for $105 million (R1.1 billion) as it sought to grow its presence in the US, the local paper and packaging firm said yesterday. Mondi said the acquisition would be on a debt-free and cash-free basis and would be funded from its existing resources. “The combination of the business with Mondi’s existing network will create a leading bags player in North America and expand the group’s growing global footprint in this market,” chief executive David Hathorn said. Kraft paper is a type of paper often used in packaging. Mondi Limited shares on the JSE gained 1.18 percent to close at R193.48 yesterday. – Reuters