LONDON — Rexam, a global consumer packaging company, is looking to shed its personal care business for $709 million in cash.
The business is being sold in two parts: the cosmetics, toiletries and household care products business, and the High Barrier Food packaging business. An affiliate of Sun Capital Partners, a private equity firm, has made a binding offer for the cosmetics, toiletries and household care products business for $459 million in cash. A subsidiary of Silgan Holdings, a U.S.-based supplier of packaging for consumer goods products, has agreed to acquire the High Barrier Food packaging business for $250 million in cash.
The transactions are expected to complete in third quarter 2012 for HBF and fourth quarter 2012 for CTH, and are conditional on certain regulatory approvals.
In total, the personal care business employs some 7,000 people in Europe, the United States and Asia.
The personal care division is a supplier of packaging solutions, including fragrance pumps, lotion pumps, lipstick packaging and makeup cases. The Rexam personal care division's customers include such brands as Procter & Gamble, L'Oréal, YSL, LVMH, Unilever and others throughout the Americas, Europe and Asia.