Rexam is to sell its Healthcare Flexibles Sector to the Amcor Group for £135M. The Rexam operation employs just over 1,000 people at 10 factories worldwide. In 2002, it had net operating assets of £73M and recorded an operating profit of £11M on sales of £163M. Rexam says it will use the sale proceeds to further reduce borrowings.
The acquisition, which is subject to regulatory clearance, will add to the Australian based Amcor Group's already considerable global presence in the flexible packaging market.
Commenting on the divestment, Rolf Börjesson, Rexam's chief executive said: "Rexam remains strongly committed to the healthcare and pharmaceutical segments, as witnessed by the recent acquisition of Risdon Pharma, and intends to continue to expand in this area. However, the healthcare flexibles business, our only business in flexible packaging, has found a more appropriate home in a group specifically focused on the flexible packaging industry."
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