BTR took another big step in its attempt to refocus itself from a conglomerate to an engineering group with the sale of its global packaging business for £2.2bn. Chief executive, Ian Strachan also unveiled a higher-ghan-expected £2bn share buyback scheme for his hard-pressed investors. He believed the company had turned the credibility corner adding "any significant move like this begins to restore shareholder confidence". The moves sent shares racing ahead 25.5p to 187p but City analysts said more needed to be done completely to rehabilitate a company which had issued five profit warnings in three years. BTR won a strong price for the sale of its glass and plastic packaging business to Owens-Illinois. Mr Strachan said it was double what many people had expected but others gave credit to Goldman Sachs who arranged it. (more)
