Owens-Illinois Closes on Sale of Blow-Molded Plastic Container Business
October 07 2004 - 6:00PM
PR Newswire (US)
Owens-Illinois Closes on Sale of Blow-Molded Plastic Container
Business TOLEDO, Ohio, Oct. 7 /PRNewswire-FirstCall/ --
Owens-Illinois, Inc. (NYSE:OI) today announced that it has
completed the sale of its blow-molded plastic container operations
in North America, South America and Europe, to Graham Packaging
Company, a portfolio company of The Blackstone Group. Cash proceeds
of approximately $1.2 billion were used to repay term loans under
the Company's bank credit facility, which was amended to permit the
sale. "We are pleased by the timely execution and positive result
of this sale as a part of our portfolio transformation," said Steve
McCracken, Owens- Illinois Chairman and CEO. "We remain active in
plastics with a specialty and growth-oriented presence in closures
and health care, and can now focus significant energies on the
global glass container enterprise where we enjoy technology, scale
and quality advantages." The Plastic Container divestiture was
first announced on July 28 when the parties entered into the
definitive sale agreement. 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 health care packaging and
specialty closure systems. DATASOURCE: Owens-Illinois, Inc.
CONTACT: Sara Theis of Owens-Illinois, Inc., +1-419-247-1297 Web
site: http://www.o-i.com/
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