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Rexam to pay 149m for Russian can maker Rostarstevenkiernan, 4 July 2007Be the first to comment on this article Rexam is to make its second major acquisition in a month after agreeing to buy Russian beverage can maker Rostar from En+ Group for 149m (US$297m), including borrowings assumed.
The announcement follows Rexam's £930m acquisition of Owens-Illinois' plastics division in June. Rostar's profits were hit by aluminium price volatility in 2006, but they are expected to improve in 2007. Sales totalled £107m last year. Rexam chief executive Leslie Van de Walle said: "The acquisition of Rostar is fully in line with our emerging markets strategy and represents an excellent opportunity for Rexam. "We have been in Russia for over 10 years, and the acquisition, along with our new greenfield plant in Argayash and the investment in new lines at our existing plant, positions us well in this growth market." The deal should be completed in the fourth quarter of this year. Speak Your Mind |
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