Rexam agrees to sell Closures for $360m
The Closures business employs about 1,500 people and is focused on the North American market. In 2010, the business was reported as discontinued with sales of £343m ($548m) and underlying operating profit of £22m ($35m). As of December 31, 2010 it had gross assets of £280m ($448m) and liabilities of £50m ($78m).
Rexam had bought the business from Owens-Illinois in 2007 as part of a larger transaction but had discontinued its operations in December. Rexam also announced that it would right-size its other plastics packaging businesses, leading to conjecture that more sales or plant closures could result.