US: Rexam invests in Mexico beverage can joint venture
Rexam has formed a joint venture with Mexican packaging firm Envases Universales.
The beverage can company said today (1 June) that the deal offers up a 50% stake in a recently-built beverage can plant in Guatemala. The joint venture represents a cash investment for Rexam of US$24m.
The greenfield plant, located in Amatitlan, Guatemala, was completed in December and has a current production capacity of approximately 1bn cans.
"It gives us a firmer foothold in this growing region and enables us to fulfill our commitments to global and national customers on a local basis," said Rexam's CEO Leslie Van de Walle.
Last month, Rexam said that the end of a month-long strike in the US has hit the firm's bottom line to the tune of US$29.7m. The company had been taken to task by members of the United Steelworkers union at nine of its can production facilities in the country.
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