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 complete within the first quarter of 2006.

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

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