Owens-Illinois Sells European Plants

Sale goes along with company's desire to acquire BNS Glasspack.

Owens-Illinois, Inc. announced that the it has signed a definitive agreement to sell two of its European glass container plants to Vidrala, S.A., of Alava, Spain. The sale is subject to various regulatory approvals, including the European Commission.

 

The announcement follows the company’s statement earlier this year that it was committed to selling its Spanish and Italian glass plants as part of its long-term plan to acquire BNS Glasspack, S.A.

 

"We are pleased to reach this important milestone in the sale process required by the commission. The proceeds of the sale will support our key priority to improve liquidity and reduce debt," said Steve McCracken, Owens- Illinois chairman and CEO. "These two facilities are a good strategic fit for Vidrala, a leading and growth-oriented glass container manufacturer in Europe."