Owens-Illinois Closes Deal on European Glass Manufacturer

Owens-Illinois, Inc. has completed the acquisition of BSN Glasspack, S.A., the second largest glass container manufacturer in Europe, from Glasspack Participations.

Earlier this month the company received its final regulatory approval from the European Commission after committing to divest two plants (located in Barcelona, Spain, and Corsico, Italy) as part of the transaction. Until these plants are sold, they will be held separately from O-I's assets and will be managed under the supervision of an independent trustee.

Total consideration for the acquisition was about $1.4 billion, including the assumption of debt.

Last year BSN had net sales of about $1.5 billion, which compares to the company's North American glass sales last year of about $1.8 billion. The acquisition increases O-I's European presence by adding 18 glass container plants for a total of 39 facilities with 84 furnaces and 248 production lines and approximately 9,000 employees.