Global packaging specialist Rexam (London / UK; www.rexam.com) has sold the pharmaceutical devices and prescription retail packaging divisions of its healthcare business to Montagu Private Equity (London / UK; www.montagu.com) for USD 805m in cash.

The company announced its intention to sell off its healthcare business including plastic packaging systems in June 2013 – see Plasteurope.com of 27.06.2013. It said that it is in discussions regarding the sale of its closures and containers division, the final part of the business to be sold. Its focus is now on beverage cans, which account for 90% of its overall business. In 2013 it completed the sale of its personal care business for GBP 538m (EUR 650m) – see Plasteurope.com of 08.01.2013.

In 2012, the two divisions being acquired by Montagu employed 1,500 people and reported a profit of around GBP 43m (EUR 52m) on sales of GBP 250m (EUR 301m). The divisions account for around 85% of total operating profit (EBITDA) of the healthcare business. At the end of 2012, gross assets of the divisions were around GBP 538m.

Rexam chief executive Graham Chipchase said, “The sale of the healthcare business is part of our long term strategy to maximise shareholder value. The pharmaceutical devices and prescription retail packaging divisions represent the majority of the value of our healthcare business. Following the sale of healthcare, we will be a focused beverage cans business with a strong financial position."