The Euros 146m cash offer is based on an offer price of Euros 26.75 per share. Airspray's supervisory and management boards fully support the offer and will unanimously recommend it. The companies expect an offer memorandum to be published in April, with the transaction expected to close in May.
Airspray operates two manufacturing sites, at Alkmaar in the Netherlands and North Pompano Breach, Florida. Much of its output comprises foam pumps, for which the market has reportedly seen an annual compound growth rate of 20% over the last five years. The main applications are beauty, personal care packaging and household products.
Rexam says the acquisition would provide a platform for Airspray to accelerate the growth of its business geographically and via further product opportunities through Rexam's customer base, "global presence and production know-how". Airspray also "fits with Rexam's strategy to expand in growth markets" and would be "complementary" to Rexam's dispensing systems operations.
If the deal proceeds, Airspray will be managed as part of Rexam's Plastic Packaging sector. No job losses are envisaged; Rexam plans retaining Airspray's main offices and production sites in Holland and the US.
Rexam ceo Lars Emilson says: "Airspray is an innovative, high growth business based on patented technologies and know-how. The acquisition is a further step in the expansion of our Plastic packaging operations and will broaden our dispensing systems product offering globally. We also see substantial synergies in marketing, purchasing and manufacturing, with long-term potential to develop new pump products and ranges."
