Wed, 22 Feb 2012 | DIVISION SALE
Packaging manufacturer Rexam has decided to sell off its loss making personal care plastics business, after it was dragged down by increasing costs and lower volumes.
It has been indicated in research from Bank of America Merrill Lynch – the firm’s broker - that the sale could bring in £350 million for Rexam, a FTSE 100 company, which also makes cans for PepsiCo and Red Bull.
London-based Rexam operates from 70 factories across 25 countries, and also makes the outer packaging for food, healthcare and toiletry products such as lipstick cases and air freshener dispenser cans.
It is not clear yet how long a sale process may take for the personal care plastics division. The Times reported that the move would enable Rexam, in the long term, to use £550 million to make acquisitions or to return the same amount to its shareholders.
It has also been reported that Rexam’s chairman Sir Peter Ellwood is exiting the firm, and will be replaced by Stuart Chambers, the former chief executive of Japan-based NSG Group, which purchased glass producer Pilkington.
Rexam's financial year results for 2011 show that profits are £450 million, up from £390 million the year before, with sales of 4.73 million.
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