Rexam PLC, the global consumer packaging company, announces the proposed sale of its Personal Care business for a total of $709m in cash (£452m at current exchange rates).
The business is being sold in two parts: the Cosmetics, Toiletries and Household care products business (CTH) and the High Barrier Food packaging business (HBF). An affiliate of Sun Capital Partners Inc, a private equity firm, has made a binding offer for CTH for a total of $459m in cash, subject to consultation with various European works councils. A subsidiary of Silgan Holdings Inc, a leading US based supplier of packaging for consumer goods products, has agreed to acquire HBF for $250m in cash. Both transactions are subject to certain adjustments at completion.
