Jan 2015
Rexam acquires majority stake in United Arab Can Manufacturing
Rexam has completed the aquisition of a 51% stake in beverage can maker United Arab Can Manufacturing Limited (UAC) which was announced in February last year.
UAC makes beverage cans and can ends and is situated in Dammam, Saudi Arabia. The plant has an annual capacity of 1.8bn cans in both standard and specialty sizes.
Current shareholders of UAC comprise Olayan Financing Company, Aujan Industries Co. LLC, The Coca-Cola Bottling Company of Saudi Arabia and Al-Jabr Trading Company. All will continue to be shareholders in the company, which is to be renamed Rexam UAC, following the transaction.
Graham Chipchase, Rexam's chief executive, said, "We have spoken for some time about the opportunities in emerging markets and I am delighted that we are seeing our strategy bear fruit with the acquisition of a controlling stake in United Arab Can.
"UAC is a modern business with respected partners, well established customer relationships, a strong competitive position in an attractive market with good returns.
"Growth prospects for the beverage can in the Middle East are attractive and we look forward to working together with our partners in UAC to lead further expansion in the region."
