Rexam exits UK food flexibles business

Global consumer packaging company Rexam Plc announced recently that it had reached agreement to sell its two UK based food flexibles businesses to Amcor Flexibles UK Ltd. for GBP 11.2 million, subject…

Global consumer packaging company Rexam Plc announced recently that it had reached agreement to sell its two UK based food flexibles businesses to Amcor Flexibles UK Ltd. for GBP 11.2 million, subject to net asset and other adjustments. The transaction is subject to regulatory approval. The sale proceeds will be used to reduce debt. The two businesses, based in Ledbury and Thetford, had a turnover of GBP 42 million in 2001 and net assets of GBP 15 million as at 31 December 2001. Commenting on the sale, Rolf Borjesson, Rexam“s chief executive, said: “Rexam is the No. 1 in medical flexibles worldwide. The disposal sharpens the focus on our global medical packaging customers and on related pharmaceutical and personal care areas where we can leverage our technology in sterilisable barrier packaging.”