Visy acquires Owens Illinois Australian, New Zealand business

Visy Industries, a large recycling and packaging firm based in Melbourne, Australia, has announced that the company has entered into a definitive agreement to acquire the Australian and New Zealand glass manufacturing business of Owens-Illinois Inc. (O-I) in a deal worth AU$1 billion (or about $715 million). 

According to a news release from Visy, the deal is one of the biggest manufacturing acquisitions to be made by an Australian-owned business. The deal is expected to close by the end of July.

“Manufacturing has never been more important to Australia’s future,” says Anthony Pratt, executive chairman of Visy. 

Upon the close of the acquisition, Visy plans to employ 7,200 people in manufacturing jobs as a result. Pratt adds that Visy will bring a “sustainability culture” to O-I, aiming to increase the recycled content of glass bottles from one-third to two-thirds. 

O-I is the largest manufacturer of glass bottles and containers in Australia and New Zealand, with factories in Sidney, Melbourne, Brisbane, Adelaide and Auckland. The addition of glass manufacturing to Visy’s portfolio is in line with the company’s long-term strategy of creating local manufacturing job opportunities in Australia.