Rexam acquires Chinese beverage can business
Manufacturing News Center - Move strengthens position
in an emerging market that has enormous potential
Great Britan, UK-November 10, 2004-Jobwerx News-PRESS RELEASE-Rexam, the
global consumer packaging group and the world's leading beverage can
supplier, (London Stock Exchange under the symbol REX), announces that it
has reached agreement to acquire the 40% shareholding it does not own in the
Chinese beverage can business, Rexam Beverage Can Zhao Qing (Zhao Qing),
from its joint venture partner, Hua Xing Investment Limited.
The acquisition is subject to the formal approval of the Chinese
authorities. In 2003, Zhao Qing had sales of £11m and, under UK GAAP, net
assets of £2.8m. The plant is located near Guangzhou in southern China and
supplies the local regional beverage market. It has one production line and
employs 150 people.
The business will continue to be part of Rexam's Beverage Can Europe & Asia
operations. Commenting on the acquisition Lars Emilson, Rexam's Chief
Executive, said: "Following on from our recent acquisition in Mexico, this
move strengthens our position in another emerging market that has enormous
potential for us. We can now fully integrate the business and continue to
serve the growing needs of our customers." 10 November 2004
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 Rexam Group employs more than 22,000 people in 24 countries
worldwide and has an ongoing turnover of approximately £3.1 billion. Rexam
is a member of the FTSE 100.
Rexam PLC /LSE: REX /ISIN: GB0004250451
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