Rexam - Further Consolidation Of German Glass Container Industry

Rexam plc announced at the beginning of January/03 that an agreement had been reached with family shareholders to acquire 100% of Luner Glashuttenwerke GmbH. The consideration is £33M, comprising £3.5M in cash payable for the shares and £29.5M of estimated debt and financial liabilities assumed from Luner. Rexam has also taken on pension liabilities amounting to £1.8M. Regulatory approval was received on 10 Feb/03. Luner Glas, which employs around 430 people, has two sites in Germany, close to Dusseldorf and Berlin. The firm produces flint glass containers mainly for the food market. The acquisition complements Rexam's £68M acquisition of Nienburger Glas, another German container manufacturer completed on 29 November/02.