OI PLASTICS HELPS REXAM RESULTS

Packaging company Rexam (UK) says that first-quarter profit rose to UK£240 million (US$477m) from £223m ($443m) a year earlier, but profit from continuing operations dropped to £174m ($346m) from £195 million ($387m).

Reviewing its 2007 plastics operations, the company reported that sales had increased to £880m ($1.74bn) from £709m ($1.41bn) in 2006. Of this, £155m ($308m) was attributable to the OI Plastics business. Underlying operating profit in the plastics sector grew 31 per cent in 2007 from £80m ($159m) to £105m ($208m), again helped by the OI Plastics acquisition.

Chief executive Leslie Van de Walle said, “Plastic packaging is performing as expected.”

www.plasticsinpackaging.com

( Source: Plastics in Packaging )