Rexam To Sell Personal Care Biz

Posted on July 5, 2012 @ 07:37 am

Global consumer packaging company Rexam PLC plans to sell its Personal Care business for a total of $709m in cash. 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. A subsidiary of Silgan Holdings Inc., a 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. The transactions are expected to complete in Q3 2012 for HBF and Q4 2012 for CTH and are conditional on certain regulatory approvals.