Rexam set for further sell-offs

REXAM, the paper and films group, yesterday said it hoped to sell its printing and building/engineering businesses by the end of this year and was looking for more bolt-on acquisitions. The group, which recently received the go-ahead from Brussels for its pounds 380m merger with the Swedish packaging group PLM, has sold over 20 businesses in the past two years.

Shares in Rexam yesterday closed down 2p at 202.5p after it reported a slight fall in pre-tax profits before goodwill and exceptionals from pounds 190m to pounds 186m last year.