British packaging and drinks can maker Rexam has agreed to sell its personal care business, devoted to cosmetics, toiletries and household care products, to an affiliate of private equity firm Sun Capital Partners Inc. for a total of 709 million U.S. dollars in cash. Rexam is also selling its high barrier food packaging business for 250 million U.S. dollars to a subsidiary of Silgan Holdings Inc, a leading US based supplier of packaging for consumer goods products.

Both deals are subject to consultation with various European works councils and are conditional on certain regulatory approvals. The transactions are expected to complete in the third quarter of 2012 for the high barrier food packaging business and in the fourth quarter of 2012 for personal care business.

In total, Rexam’s personal care business employs some 7,000 people in Europe, the US and Asia. In 2011, the business had sales of GBP502 million (about USD 788 million or EUR 626 million at current rates).