Rexam, the world“s number one drink can manufacturer, reported recently that it is to boost its presence in the beauty market with the GBP 75-million purchase of American group Crown Cork & Seal“s p…
Rexam, the world“s number one drink can manufacturer, reported recently that it is to boost its presence in the beauty market with the GBP 75-million purchase of American group Crown Cork & Seal“s pump packaging operations. The British company said it would fund the purchase through a placement, completed on 13 December, of 31 million new shares, raising GBP 108.5 million. Chief executive Rolf Borjesson said the Crown Cork business, which focuses on fine mist pumps and boasts customers like L“Oreal and Estee Lauder, would be earnings-enhancing in 2002. Borjesson said Rexam continued to perform well, with weakness in the imaging products division offset by “robust” sales of consumer packaging products. The company will use the balance of this fundraising to reduce debt.