Rexam to Divest Medical Flex Pack Biz

Published: August 22, 2003, By PRESS RELEASE

LONDON, U.K.—Rexam PLC reports it has reached an agreement to sell its healthcare flexibles sector for a consideration of £135 million, subject to net asset and other adjustments, to Amcor, an Australian flexible packaging company with a global presence.

Says the global consumer packaging company, "Rexam Healthcare Flexibles is a leading player in its market. It manufactures a range of flexible packaging for healthcare markets and employs just over 1,000 people at 10 factories worldwide. In 2002, it had an operating profit of £11 million on sales of £163 million, and at December 31, 2002, had net operating assets of £73 million."

The sale is subject to regulatory clearance, and its proceeds will be used by Rexam to further reduce borrowings, says the co.

Visit Rexam PLC at rexam.com.