Rexam proposes sale of remaining healthcare business to Berry Plastics
Sale of two other divisions announced at the beginning of February proceeding on schedule
Global beverage can maker Rexam has received a binding offer of US$135m in cash, subject to certain adjustments at closing, from Berry Plastics Group to acquire the remaining Containers & Closures division of Rexam’s Healthcare business.
The transaction requires consultation with French works council and is conditional on the necessary regulatory approvals. It is expected to complete around the middle of this year.
The announcement follows that of 3 February 2014 regarding the proposed sale of the other two divisions within Rexam’s Healthcare business. That transaction is progressing according to plan and is expected to complete in the second quarter of this year, following which Rexam plans to return around £450m to shareholders.