UK: Rexam in no hurry to sell PET ops
London-based packaging giant Rexam has said it is in "no rush" to sell its refillable PET bottle operation, based in Sweden and the Czech Republic.
The company, the world's largest producer of beverage cans, has indicated that it wants to offload the Rexam Petainer business.
However, a Rexam spokesman told just-drinks today (31 October) that although plans to sell the business are underway, the company is not rushing to find a buyer.
The spokesman said: "It is early days. (We'll finalise a deal) as and when it happens, there's no rush and we're not pushing it too hard."
Last year, Rexam posted a 7% rise in pre-tax profits to GBP307m (US$583m) on the back of sales of GBP3.2bn.
The spokesman said the refillable PET bottle business no longer fit with where Rexam was looking to take the business. He said: "Refillable PET is a very local or regional business and confined largely to Scandinavia and Germany. Our overall strategy has been to establish international positions with our businesses, which is what we have done with beverage packaging and so on. Rexam Petainer does not quite fit with the profile of our business."
Rexam Petainer runs one site in Sweden and another in the Czech Republic. Last year, the business generated sales of GBP34m.
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