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2006-06-16 News Headlines

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Rexam packaging completes FangXin acquisition

Leading beverage can maker and global consumer packaging group Rexam announces that it has completed the acquisition of the FangXin beauty packaging business.

Rexam, the global consumer packaging group and the world's leading beverage can maker, is pleased to announce that it has completed the acquisition of the FangXin Limited's beauty packaging business (FangXin) which was announced on 25 January 2006.

Terms include a cash consideration of US$74m (£42m) including borrowings assumed.

FangXin manufactures lipstick cases, compacts and pumps as well as mascara cases. In the last four years, its sales have grown at a compound growth rate of about 30% per annum. Since 2003, FangXin has invested heavily in new facilities and has the capacity to further increase sales. In 2005, it is estimated that FangXin broke even on sales of US$33m (£19m) and, at year end, had net operating assets of US$69m (£39m).

Rexam has had a presence in China since 1998, where, following the acquisition, it will have nine Plastic Packaging plants serving the beauty industry and one beverage can plant.

Commenting on the acquisition, Lars Emilson, Rexam's Chief Executive said: "This is a further step in the execution of our strategy to expand in plastic packaging. The Chinese beauty packaging industry is becoming increasingly important globally. The acquisition of this well invested company broadens our product range and provides us with new capabilities that will further improve our customer offering."

Rexam is one of the world's leading consumer packaging groups with annual sales of £3.2 billion. We are also the No. 1 beverage can maker in the world, producing more than 50 billion cans a year.

We provide packaging solutions for many of the world's household names. We focus on key areas such as innovation, best practice and supply chain management to ensure solutions that not only protect products but help shape consumers' experience of the brand.

Our global operations span Europe, the Americas and Asia, employing some 23,000 people in more than 20 countries.

Find mor information about Rexam Plc.

Read a recent press release from Rexam about - 'Consumer packaging company and leading beverage can maker Rexam announces that Jean-Pierre Rodier is joining the Board as an independent non executive director.'

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