Heineken has signed a letter of intent to sell its 100% subsidiary Glas Moerdijk to Rexam Beverage Packaging Euro Holdings(Rexam) for Euros 43M. Heineken said it was selling the company debt free, but that approximately Euros 40M of the sale price was earmarked to repay the debt of Glas Moerdijk. Part of the transaction will be a supply agreement. Rexam has a long-standing relationship with Heineken & supplies both cans & glass containers. In December/02, Heineken increased its stake in the glass plant from 33% to 100% when it purchased shares from its German partner Heye KG. At that time, Heye KG was experiencing financial difficulties & divested its participation in Heye Glas Nederland. The glass plant is fully dedicated to the production of green export bottles for the distribution of beers. See: www.just-drinks.com/news_detail.asp?art+22014
