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Rexam divests coated films and papers business

Rexam Plc, the global consumer packaging company, announced at the beginning of April that it has reached agreement to sell its Image Products business, for speciality coated films and papers for the …

Rexam Plc, the global consumer packaging company, announced at the beginning of April that it has reached agreement to sell its Image Products business, for speciality coated films and papers for the electronics and digital imaging markets, for a consideration of GBP 42 million, subject to a working capital adjustment. The purchaser is Sun Capital, a leading US private investment firm focused on leveraged buyouts of market leading companies. The consideration comprises GBP 24 million in cash, including borrowings assumed, and a 31/2 year subordinated note for GBP 18 million. The cash proceeds will be used to reduce borrowings. The sale is subject to regulatory clearance. Rexam retains the Lancaster plant in South Carolina, which makes weatherable films. A purchaser for this, the last remaining part of Rexam“s Coated Films and Papers businesses, is being actively sought.

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