The business is expected to exceed cost of capital in year one.
Polglass primarily supplies coloured bottles to Polish brewers, with the majority of sales going to Heinekens Polish subsidiary, Zywiec.
Rexam already has a flint glassworks in Poland located in Gostyn and the acquisition takes Rexam to the No 2 position in the Polish glass market with a 20% share.
Commenting on the announcement, Rolf Börjesson, Rexams Chief Executive, said: Following our recent announcement of a glass acquisition in the Netherlands, this latest transaction shows our commitment to building our position in the north European glass industry. It opens new market opportunities for us in the beverage segment in Poland and gives us a base for further consolidation and synergies.