Rexam is selling its entire glass business.

The consumer packaging and beverage can maker, said today (12 March) that it has agreed to divest its glass business to Ardagh Glass Group for GBP449m (US$870.2m). The transaction is dependent on competition approval in Germany and Poland, Rexam said.

"Rexam Glass is a strong, well-run operation and will fit well with Ardagh, a dedicated player in glass," said Leslie Van de Walle, Rexam's CEO. "Rexam's strategy remains to focus on profitable growth in its core beverage can and plastic packaging businesses."

Last year, Rexam Glass, which employs 3,600 people and focuses on the north European market, reported sales of GBP437m and operating profit of GBP40m. Following the disposal, the central costs will be reapportioned to Rexam's other business segments.