Pepsi can supplier to sell cosmetics packaging business

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Rexam had said last November it was exploring all options for its personal care segment of its packaging business, including a sale.

The firm, which makes Red Bull and PepsiCo cans, as well as packaging for food, healthcare and cosmetic products, said full-year pretax profit rose 15% to £450 million, in line with a consensus forecast of £447 million, according to a company-supplied poll.

The rise was driven by a 14% jump in underlying operating profit at Rexam's beverage cans unit, which now accounts for 81% of group profit.

Operating profit at the company's plastic packaging unit, meanwhile, fell 14% hurt in part by higher costs.

Shares in the company closed at 384.4p last night, valuing the business at about £3.4 billion.