Credit: Closure Systems International
Closure Systems International
Rank Group has hired banks to sell two food and beverage packaging businesses in a deal worth an estimated $4 billion (€3 billion, £2.5 billion).
Rank has appointed JP Morgan to sell Closure Systems International, which manufactures plastic and aluminium bottle tops and caps for the pharmaceutical industry and engine oil products. This sale is expected to fetch in excess of $1.5 billion, according to the Financial Times.
The other side of the deal is being handled by Credit Suisse, which is charged with the sale of Evergreen, which makes cartons for juice and milk products sold in the US and Canada. An official estimate for the Evergreen sale has not been confirmed, but news outlets have quoted insiders who claim the deal will reach some $2.5 billion - or roughly ten times 2013's earnings before interest, tax, amortisation and depreciation.
Both deals are in their early stages and there is no guarantee either Closure Systems International or Evergreen will indeed be sold. Both businesses are part of the Graeme Hart empire - New Zealand's richest man.
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