Rexam Expands Into Polish Glass

Rexam has confirmed the acquisition, from Dutch group Hunan, of all the shares in Poland Glassworks Holding, the holding company of Polish glassworks, Polglass. Rexam said that it had acquired the company a cash consideration of £10M, which also included the assumption of outstanding debts and the transaction would be subject to working capital and other adjustments. Based on 2003 results for Polglass, the purchase price represents a multiple of 5.2 times EBITDA. Rexam said that, according to its forecasts, the business was expected to exceed cost of capital within the first financial year. To see the full article please goto: www.beveragedaily.com/news/news-NG.asp?id=50022