News

Rexam completed the sale of its glass business to Ardagh Glass today and said it would use the proceeds to partially fund its acquisition of Owens-Illinois' plastics business, announced last week.

The global consumer packaging group said the glass divestment was part of its strategy to move into "higher-growth, higher-margin businesses".

The £450m sale to Ardagh, revealed in March, comes two years after Rexam sold its UK glass business to the same buyer.

Rexam is paying £930m ($1.86bn) in cash for the Owens-Illinois plastics business as it looks to win a major share of the US pharmaceutical packaging market.