Rexam has acquired from Dutch group Hunan, all of the shares in Poland Glassworks Holding, the holding company of Polish glassworks, Polglass. Rexam said that it had acquired the company a cash consideration of £10M, which also included the assumption of outstanding debts & the transaction would be subject to working capital & adjustments. Based on 2003 results for Polglass, the purchase price represents a multiple of 5.2 times EBITDA. Rexam said according to its forecasts, the business was expected to exceed cost of capital within the first financial year. Polglass primarily supplies coloured bottles to Polish brewers, the majority of sales going to Heineken's Polish subsidiary, Zywiec. Rexam already has a flint glassworks in Poland located in Gostyn and the acquisition takes Rexam to the number two position in the Polish glass market with a 20% share.
