Rexam, the UK-based global consumer packaging company, said it has completed its exit from coated films and papers with the sale of its weatherable films business in Lancaster, South Carolina, US, according to a report from AFX News.
The sale raised some £5.6 million (€8.8m), of which £3.6 million is a purchaser's loan note.
The business was sold to Soliant, an affiliate of Ernie Green Industries, Dayton, Ohio, a Tier 1 supplier to the automotive industry.
Rexam said the sale proceeds will be used to reduce borrowings.
Yesterday FoodProductionDaily.com reported that Rexam had sold two Danish plastic container businesses to Polimoon for €11 million.
The sale of the Danish container companies and exiting the plastic films business are all part of Rexam's goal to consolidate outstanding debts and streamline the group's operations in an effort to improve long-term profitability.