Rexam Profit Fall

Rexam plc has reported a fall in first half profits of 24%, partly due to the sale of its UK glass unit. Rexam incurred a £24M loss before tax after selling its UK glass business earlier in 2005. The firm is focusing its glass operations elsewhere in Europe and has moved the business head office to Germany. Its glass business is now focused on north and east Europe. "The UK glass market is facing a difficult outlook with new capacity coming on stream," says Rexam in a statement. "We felt that, as a single-site operation and the number three market player, we were not best positioned in this local market." Rexam plans to set up a can manufacturing plant in Cuiaba in Brazil's Mato Grosso state. (whole item)