Rexam has completed the sale of its speciality closures business.

The UK-based drinks packaging giant has sold the unit to Berry Plastics for US$360m in cash, subject to certain asset adjustments. The divestiture was initially announced in June. The firm made the decision to sell the business in a bid to reduce debt.

Rexam, which makes lids for drink and food containers for the North American market, reported pre-tax losses of GBP177m ($288m) last year. It employs around 1,500 people.