Arab Today, arab today rexam to sell personal care unit
Last Updated : GMT 06:26:07
Arab Today, arab today
Arab Today, arab today

Rexam to sell personal care unit

Arab Today, arab today

Arab Today, arab today Rexam to sell personal care unit

London - Arabstoday

Europe’s largest drinks can maker Rexam  put its underperforming personal care business up for sale and said it would look to return cash to shareholders, sending its shares to their highest level in nearly four years. The British firm, which also reported full-year profits largely in line with expectations on Wednesday, said strength in its core beverage cans business offset continued weakness at plastic packaging, which includes the personal care and healthcare operations. Rexam, which makes PepsiCo cans as well as packaging for food, healthcare and cosmetic products, said it had decided to hive off the underperforming personal care unit as it did not expect a turnaround in the near term. The unit has been hit by rising costs and lower volumes. The firm plans, however, to retain the healthcare unit. Chief Executive Graham Chipchase declined to say how much the business could be sold for, or give a timeframe. Analysts have said the personal care unit could fetch up to 350 million pounds ($554 million). Full-year operating profit at the company’s plastic packaging unit was down 14 per cent at 102 million pounds, with the business accounting for 19 per cent of group underlying operating profit, down from 23 per cent the year before. “Current trading is weak, but we expect it (personal care) to be sold,” BofA-Merrill Lynch analyst Ross Gilardi said. “We think most of the potential proceeds will go back to holders in the form of share buybacks and dividends.” The analyst pointed to Rexam’s US-based peer, packaging products maker Ball Corporation, whose stock hit an all-time high earlier this month after the company instituted a share buyback and raised its dividend 43 per cent. Shares in Rexam climbed 4.7 per cent to 402.8 pence, their highest levels since May 2008, and were the top per centage risers on Britain’s blue-chip FTSE index. “Over the last two years, we have succeeded in strengthening the balance sheet and protecting our credit rating,” the company said in a statement. “We will maintain an appropriate financial position but will shift focus to a combination of reinvestment in the business and cash returns to shareholders.”

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rexam to sell personal care unit Arab Today, arab today rexam to sell personal care unit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rexam to sell personal care unit Arab Today, arab today rexam to sell personal care unit

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel, Germany submarine deal advances

GMT 05:45 2017 Saturday ,21 October

Israel, Germany submarine deal advances
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday