UK: Rexam readies new can plant in Denmark
Rexam has unveiled plans to build a new aluminium beverage can plant in Denmark.
The company, which earlier this summer posted a marked slide in H1 profits, said today (19 October) that the greenfield plant will be constructed in Frederica in the country.
"This is a significant investment for our customers and for Rexam," said Leslie Van de Walle, Rexam's CEO. "The European beverage can market, excluding Germany, has grown annually by 8% in recent years and is anticipated to continue to grow at a similar rate over the next three years fuelled, among others things, by strong growth in the Nordic region.
"Our new plant will enable us to capture growth, better serve our customers and further consolidate our global leadership position in beverage cans."
The new facility, the first of its kind in Denmark, represents a capital investment of around EUR112m (US$159.9m) spread over three years, two thirds of which will be incurred in 2008. The plant is expected to be operational during the first half of 2009 and is being built in response to strong growth in the region and increasing customer demand. It will initially have a capacity of 1.2bn cans and produce 33cl and 50cl cans.
The new plant will help optimise Rexam's supply of beverage cans to the Northern European market, the company said.
In July, Rexam reported a fall in profits before tax for the six months to the end of June to GBP98m from GBP121m. Sales in the period were up, however, by 5% to GBP1.66bn. The company blamed the rising cost of aluminium, a strike at nine of its US can plants, and a weak US dollar for the dip in profits.
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