LONDON Beverage can maker Rexam Plc is close to shedding all businesses that dont produce cans after announcing the proposed sale of the majority of its health-care unit to Montagu Private Equity LLP for $805 million.
The sale is part of London-based Rexams long-term strategy to "maximize shareholder value," chief executive officer Graham Chipchase said in a statement Feb. 3.
Chipchase has already overseen the sale of Rexams personal care and food container businesses, and will now divest the health-care arm, which comprises pharmaceutical devices, prescription retail packaging, and closures and containers.
Rexam is in discussions on the sale of the closures and containers unit.
"Following the sale of health care, we will be a focused beverage cans business with a strong financial position," Chipchase said. "We will continue to pursue selective investment opportunities in beverage cans in higher growth markets."
A version of this article was first published in AMM sister publication Metal Bulletin.