Rexam: positive message from CEO at shareholder meeting

Rexam PLC Chairman Jeremy Lancaster was positive in his assessment of the group“s performance in 2002 and the prospects for 2003 during the annual general shareholder meeting on 15 May 2003. The chai…

Rexam PLC Chairman Jeremy Lancaster was positive in his assessment of the group“s performance in 2002 and the prospects for 2003 during the annual general shareholder meeting on 15 May 2003. The chairman of the global metal, glass and plastic packaging company said “Following a highly successful performance last year, Rexam continues to trade well in 2003 and we anticipate that we shall meet expectations for the full year, albeit with a stronger performance in the second half than the first.” On a more cautious note he said that European beverage can volumes had been affected by the deposit on non-returnable drinks containers in Germany but seasonal demand and the introduction of a national recovery and recycling system were expected to improve the situation. As reported on 16 January 2003 on GlassOnline, Germany introduced a law from 1 January 2003 which imposes refundable deposits on beer, mineral water and sodas sold in cans and non-refillable plastic bottles Refering to the acquisition of the German glass container manufacturer Luner Glashuttenwerke GmbH, Lancaster said “The integration of our newly acquired glass operations is progressing swiftly and smoothly, and the projected synergies are starting to come through.” In summary he said “All in all, we remain confident about Rexam“s prospects for 2003.” The Rexam Group employs some 21,000 people in 20 countries worldwide and has an ongoing turnover of approximately GBP 3.0 billion. It is a FTSE 100 listed company.