Packaging Manufacturer, Consumer Packaging, Pharmaceutical Packaging

Manchaster -- April 11, 2004 - - Rexam, the global leader in consumer packaging, is pleased to announce that it has reached agreement with Compagnie Plastic Omnium, a quoted French plastics company, to acquire its pharmaceutical packaging business, Plastic Omnium Medical, for a total cash consideration of €32.5m, including borrowings assumed with the business.

Plastic Omnium Medical has one factory based in La Verpillière, south of Lyon in France, and employs approximately 170 people. The business serves a number of European plastic pharmaceutical packaging market segments, including drug delivery devices and inhalers. It is one of the main suppliers of the multidose dry powder inhaler to GlaxoSmithKline, a product that is also supplied by Rexam. In 2003, Plastic Omnium Medical had sales, excluding tooling, of €26m and EBIT of €5.4m. As at 31 December 2003 its net operating assets were €16m.

Commenting on the announcement, Rolf Börjesson, Rexam's Chief Executive, said: "Plastic Omnium Medical is a well run, modern company and it will fit well with our Rexam Pharma businesses. The acquisition further reinforces our position in an exciting growth market and will make us the joint No 2 supplier of pharmaceutical moulded plastic packaging in Europe. Furthermore, it will strengthen our relationships with our major pharmaceutical customers."

About Rexam:

Rexam is one of the world's top five consumer packaging groups and the world's leading beverage can maker. Its global operations focus on beverage packaging in metal, glass and plastic, as well as plastic packaging solutions for the beauty, pharmaceutical and food industries around the world. The Group employs more than 22,000 people in 24 countries worldwide and has an ongoing turnover of approximately £3.3 billion. Rexam is a member of the FTSE 100. Its ordinary shares are listed with the UK Listing Authority and trade on the market for listed securities on the London Stock Exchange under the symbol REX. For further information, visit Rexam's website at www.rexam.com

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Source: Rexam

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