Rexam to sell lid-making business to Berry Plastics for US$360 mln

Looking to reduce net debt, European drinks can maker Rexam is selling its lid-making business to private equity-backed Berry Plastics for US$360 mln, as per Reuters. Berry Plastics, a manufacturer majority-owned by U.S. private equity firm Apollo, expects to close on the cash deal during Q3-2011. Rexam reported net debt of £1.68 bln at the end of 2010. The company plans to reduce its plastic packaging operations at an expected exceptional charge of around £25 mln pounds.
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