Mondi to hike prices, cut jobs in response to Iran war volatility

(Sharecast News) - Paper and packaging firm Mondi on Friday said it was raising prices and cutting jobs in response to increased volatility caused by the US-Israel war on Iran and Lebanon. The company said it expected the impact of the increases to take full effect in the third quarter of this year.

It also reported a sharp fall in first quarter underlying earnings as market conditions remained "challenging" and had move to cut costs by axing 450 jobs over the course of the year and shutting plants.

Underlying core earnings came in at €212m, down from €290m a year earlier. Mondi added that the Iran war had "further increased volatility in an already complex operating environment" leading to increased energy, raw material and logistics costs.

Reporting by Frank Prenesti for Sharecast.com