Global consumer packaging company Rexam (London / UK; www.rexam.com) has said that the proposed sale of its Personal Care business is to proceed for GBP 452m (EUR 562m) in cash. The planned divestment was announced in February 2012 – see Plasteurope.com of 23.02.2012 – and follows a strategic review of the business, which embraces the company’s Cosmetics, Toiletries and Household care products business (CTH) and its High Barrier Food (HBF) container operation.

An affiliate of private equity firm Sun Capital Partners (Boca Raton, Florida / USA; www.suncappart.com) has made a binding offer for CTH for a total of GBP 293m (EUR 366m) in cash, subject to consultation with European works councils. A subsidiary of consumer goods packaging supplier Silgan Holdings (Stamford, Connecticut / USA; www.silganholdings.com) has agreed to acquire HBF for GBP 159m (EUR 200m) in cash. The transactions are expected to be completed in the fourth and third quarters of 2012 respectively.

Rexam’s Personal Care business employs 7,000 people in Europe, the US and Asia and had sales of GBP 502m and underlying operating profit of GBP 38m in 2011. It had gross assets of GBP 650m and liabilities of GBP 112m at the end of 2011.