Rexam PLC said it sold its Barnsley, UK-based glass business to Ardagh Glass for 50 mln stg.
The proceeds will be used to pay down borrowings, the consumer packaging and beverage can maker said.
In 2004, the Barnsley business, which employs 700 people, had an operating profit of 3 mln stg on sales of 101 mln stg. At Dec 31, it had net operating assets of 59 mln stg.
'We continue to focus on further developing our glass business in northern continental Europe, where we have a solid market position, and in the fast growing markets of eastern Europe,' chief executive Lars Emilson said.
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