LONDON (Alliance News) - Beverage maker Rexam PLC said Thursday that it had acquired a 51% stake in can maker United Arab Can Manufacturing Ltd for USD122 million.
The company expects to complete the acquisition in the third quarter of 2014.
UAC has an annual capacity of 1.8 billion cans in both standard and speciality sizes. It posted earnings before interest, tax, depreciation and amortisation of around USD29 million for the financial year 2012.
"Growth prospects for the beverage can in the Middle East are attractive and we look forward to working together with out partners in UAC to lead further expansion in the region," said Chief Executive Graham Chipchase.
Shares in Rexam were trading up 0.1% at 508.50 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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