Rexam may sell personal care unit

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LONDON (Nov. 17, 12:20 p.m. ET) — Rexam plc is considering selling its personal care packaging division as a result of ongoing weaknesses in its key markets.

According to the London-based packaging giant, overall performance for the group overall was in line with expectations, with beverage cans slightly ahead of expectations, which helped offset further weaknesses in its plastic packaging operation.

“Performance in personal care continued to be weak and we are now exploring all options for this segment of plastic packaging, including divestment, to improve returns and maximize shareholder value,” said CEO Graham Chipchase.

Rexam also announced that its chairman, Peter Ellwood, will retire on Feb. 22 and will be succeeded by Stuart Chambers, who will join the board as a non-executive director and chairman designate on Feb. 1.