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Rexam focusses on Consumer Packaging markets

Rexam PLC, the global consumer packaging company, announced recently that it had reached agreement to sell its 70% shareholding in Rexam Combibloc Ltd to its joint venture partner, the SIG Group of Sw…

Rexam PLC, the global consumer packaging company, announced recently that it had reached agreement to sell its 70% shareholding in Rexam Combibloc Ltd to its joint venture partner, the SIG Group of Switzerland. The sale is subject to regulatory approval. The partners value Combibloc at GBP 22 million on a cash free, debt free basis, of which 70% is attributable to Rexam. The sale proceeds will be used to reduce debt. Rexam Combibloc was originally set up in 1974 to supply the UK market with liquid cartons packaging systems for fresh and aseptically packaged products. In 2001, the business had sales of GBP 28 million (unaudited). With the gathering trend towards pan European markets, the strategy of the business is better served by its integration into SIG Combibloc“s global operations. Commenting on the sale, Rolf Borjesson, Rexam“s Chief Executive, said: “Rexam“s strategy is to strengthen its global position in its chosen markets of Beverages, Healthcare, Beauty and Food. Rexam Combibloc has for many years been a successful joint venture but, as a solely UK focused business, it is not in line with our strategy.”

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