Rexam PLC, London, UK, has agreed to acquire FangXin Limited’s beauty packaging business based in China, for a cash consideration of $74 million. The transaction is expected to be complete within the first quarter of 2006.

FangXin manufactures lipstick and mascara cases, compacts and pumps. According to Rexam, FangXin’s sales have grown at a compound growth rate of about 30 percent per annum.

Following the acquisition, Rexam will own nine plastic packaging plants serving the beauty industry and one beverage can plant. More information: 44 20 75847070.