Rexam sells Danish businesses
containers businesses to Polimoon Holding of Denmark. The sales are
expected to raise some €11 million, which will be used to pay off
Consumer packaging company Rexam said it has completed the sale of two Danish plastic containers businesses to Polimoon Holding of Denmark for £7.2 million.
The asking price of £7.2 million (€11.2m) is subject to net asset and other adjustments, of which £3.4 million was received at completion and £3.8 million will be paid in two further annual instalments, the company added.
The proceeds will be used to reduce borrowings, Rexam said.
The two businesses, Rexam Holmia in Kolding and Rexam Closures & Containers in Langeskov, manufacture a range of blow moulded containers primarily for local market requirements. In 2001 they had a combined turnover of £20 million and net assets of £5.8 million as at 31 December 2001, according to Rexam.