Rexam has announced the decision to sell all three divisions of its Healthcare business: Pharmaceutical Devices, Prescription Retail Packaging and Closures & Containers. Montagu Private Equity has made an offer of $805 million for the Pharmaceutical Devices and Prescription Retail Packaging divisions, and Rexam says it is in talks to sell the Closures & Containers division. Among the products manufactured by the Pharmaceutical Devices division are MDIs, DPIs, and nasal pumps.
According to Rexam, the Pharmaceutical Devices and Prescription Retail Packaging divisions together have approximately 1,500 employees. The company recently expanded its device facility in Le Tréport, France, where the Advancia spray pump is manufactured.
Rexam Chief Executive Graham Chipchase commented, “The sale of the Healthcare business is part of our long term strategy to maximize 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. Our strategy is to balance growth and returns and we will continue to pursue selective investment opportunities in beverage cans in higher growth markets.”
Read the Rexam press release.
