Owens-Illinois Completes Sale of Two European Plants to Vidrala
January 20 2005 - 2:45AM
PR Newswire (US)
Owens-Illinois Completes Sale of Two European Plants to Vidrala
TOLEDO, Ohio, Jan. 20 /PRNewswire-FirstCall/ -- Owens-Illinois,
Inc. (NYSE:OI) today announced that the Company has closed on the
sale of two European glass container plants to Vidrala, S.A., of
Alava, Spain. Originally announced in November, the sale was
approved by all necessary regulatory bodies including the European
Commission. O-I committed to divest the Barcelona (Castellar),
Spain, and Corsico, Italy, glass plants to secure the European
Commission's approval of the Company's acquisition of BSN
Glasspack, S.A., which closed in June 2004. Cash proceeds from the
sale of approximately 138.2 million euros will be reinvested in the
Company's manufacturing facilities or used to repay bank debt under
the Company's secured credit facility. "We are pleased by the
timely execution in closing the sale process with Vidrala, which
marks the last part of our agreement with the European Commission
to acquire BSN Glasspack," said Steve McCracken, Owens-Illinois
Chairman and Chief Executive Officer. "These two facilities will
complement Vidrala's glass portfolio and broaden their capabilities
to serve the European markets." About O-I Owens-Illinois is the
largest manufacturer of glass containers in the world, with leading
positions in Europe, North America, Asia Pacific and South America.
O-I is also a leading manufacturer of healthcare packaging and
specialty closure systems. DATASOURCE: Owens-Illinois, Inc.
CONTACT: Sara Theis of Owens-Illinois, +1-419-247-1297 Web site:
http://www.o-i.com/
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