Global packaging company Rexam has completed the sale of its PET container business.

Petainer, which has been held for sale for some time, has been sold to Next Wave and WHEB Ventures for GBP16m (US$26.8m) in cash, the company said today (11 November).

Petainer reported EBIT of GBP5m in the first half of 2009, and the estimated exceptional loss on disposal will be GBP9m.

The net proceeds will be used to pay down debt, Rexam said.

In September, Rexam closed its beverage can making plant in Dunkirk, France in a bid to "balance capacity in the European market".

The plant manufactures 33cl and 50cl steel cans and has an annual capacity of around 1.1bn cans.