Rexam agrees to £491m sale of division

The beverage can maker said yesterday it had received a binding offer from the private equity firm for the purchase of its pharmaceutical devices and prescription retail packaging units.

Rexam intends to return about £450m to shareholders from the proceeds of the sale.

The healthcare business makes medical packaging and drug delivery devices such as bronchial inhalers and injection syringes.

Rexam said in June last year that it would sell the unit, following a decision to focus on its core beverage can business.

The deal is expected to close around the middle of the year. Rexam was advised by Barclays.

The company said it was in discussions regarding the sale of its remaining healthcare unit.

Rexam has a can-making plant in Wakefield.