Rexam optimistic for 2002

Rexam, the world“s biggest maker of drinks cans, predicted an active 2002 due to price rises in the US. The optimism came as it unveiled a forecast-beating rise in profit for 2001. The world“s fourt…

Rexam, the world“s biggest maker of drinks cans, predicted an active 2002 due to price rises in the US. The optimism came as it unveiled a forecast-beating rise in profit for 2001. The world“s fourth biggest consumer packaging firm, which makes cans for Coca Cola, said prices would rise around 4% on its approximate GBP 1 billion of sales to the American drinks market. Once an industrial and building materials conglomerate, Rexam sold around 75% of its business in the late 1990s to focus on consumer packaging, and bought American National Can – which makes around 40 billion drinks cans a year – in 2000. Rexam, valued at nearly GBP 2 billion, which also makes plastic tubs for food and glass phials for perfumes, said profit before tax, goodwill and exceptional items rose eight per cent to GBP 218 million for the year ended December 31. Analysts forecasts had ranged from GBP 210 million to GBP 215 million. Turnover jumped 25% to GBP 3.5 billion. House broker ABN Amro raised its 2002 profit forecast to GBP 250 million from GBP 239 million.