Trading in Beverage Packaging is on track and ahead of last year, even though issues regarding the deposit on one-way packaging in Germany remain unresolved.Recent rulings from the EU and European Court of Justice, however, give us cause to expect a solution that will be positive to all parties.
The integration of the South American beverage can operations is progressing swiftly and smoothly, and the synergy potential is now greater than originally anticipated.
The recent glass acquisitions are bedding in well and we anticipate that the continued consolidation of the European glass making industry will, in due course, have a positive overall effect on the market.
In Plastic Packaging, we are seeing the results of the change in focus towards more value-added activities and sales and profits are both well ahead of last year.
Overall, trading remains in line with our expectations, and we are confident that 2004 will be another good year for Rexam.
Following the meeting, Stefan Angwald succeeds Rolf Börjesson as Chief Executive. At the same time Andrew Mills takes over from Per Erlandsson as Group Communications Director.