The acquisition is subject to competition clearance and is expected to complete by the fourth quarter of 2015.
Mondi CEO David Hathorn said this acquisition supported the development of the group's consumer packaging business.
"It will strengthen Mondi's position as the preferred supplier of hygiene components such as elastic laminates for diapers and enable further growth with innovative products for baby diapers, adult incontinence, femcare and medical applications," Hathorn said.
Ascania is a producer of non-woven fabrics and non-woven composites used as components in personal care products.
The business operates from one site based in Aschersleben, Germany. Ascania is a key supplier of non-wovens for diaper elastic laminates to Mondi.
The business employs around 150 people and will be integrated into Mondi's consumer packaging business unit. For the twelve months ended May 2015, Ascania generated unaudited revenues of €53 million and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €9.5 million.
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