UK: Rexam completes closures unit sale
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.
Rexam has recorded an increase in full-year profits and said that it expects another year of progress in 2012....
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