Global packaging specialist Rexam (London / UK; www.rexam.com) says successful cost reduction initiatives and foreign exchange translations have offset continuing weak volumes in the period since 1 July 2009. As a result, the group’s financial performance is in line with its expectations, as outlined in an interim management statement dated 13 November.

In the Plastics Packaging division, the cost-cutting initiatives to close and consolidate six plants and reduce the workforce by approximately 10% are on track to deliver the expected GBP 30m (EUR 33.5m) volume savings by 2010. The 2009 year-end financial results will be announced on 17 February 2010.