LONDON (Alliance News) - Beverage can maker Rexam PLC Monday said it has a binding deal to sell the rest of its healthcare containers and closures unit to Berry Plastics Group Inc for USD135 million in cash.
Last month, Rexam had said it would return about GBP450 million to shareholders once it received USD805 million cash proceeds from the proposed sale of most of its healthcare packaging unit. In a statement Monday, the company said this deal is progressing according to plan and it expects the deal to complete in the second quarter of 2014, after which it make the shareholder payout.
Rexam expects the new deal for the rest of the healthcare packaging unit to complete in about the middle of 2014, although it needs to be approved by regulators and needs consultation with the French works council.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
