Rexam Sells UK Glass Business

Rexam has sold its glass business in Barnsley, UK, to Ardagh Glass for 50 million pounds. The proceeds will be used to pay down debt.

Lars Emilson, Rexam’s CEO, said: "The UK glass market is facing a difficult outlook and new capacity coming on stream will only exacerbate the situation. After reviewing our options, we felt that, as the number three player in the UK glass industry, divestment in this case was the best course of action. Rexam remains firmly committed to its glass customers and the glass container business. We continue to focus on further developing our glass business in northern continental Europe, where we have a solid market position, and in the fast growing markets of eastern Europe."

Rexam is one of the world's top five consumer packaging companies and the world's leading beverage can maker. Its global operations focus on beverage packaging in metal, glass and plastic, as well as plastic packaging solutions for the beauty, pharmaceutical and food industries.