Rexam announced that it has agreed to acquire FangXin Limited’s beauty packaging business (FangXin) based in China for a cash consideration of $74 million. The acquisition is expected to complete within the first quarter of 2006. After the acquisition, Rexam will have nine plastic packaging plants to serve the beauty industry.
“This is a further step in the execution of our strategy to expand in plastic packaging,” said Lars Emilson, CEO, Rexam. “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.”