Owens-Illinois to Sell Two European Plants to Vidrala
November 18 2004 - 6:35AM
PR Newswire (US)
Owens-Illinois to Sell Two European Plants to Vidrala TOLEDO, Ohio,
Nov. 18 /PRNewswire-FirstCall/ -- Owens-Illinois, Inc. (NYSE:OI)
today announced that the Company 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. As previously
announced in June, 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. Cash proceeds from the sale will be approximately
138 million euros (US$ 179 million) and will be reinvested in the
Company's manufacturing facilities or used to repay bank debt under
the Company's secured credit facility. The sale transaction is
expected to close in the first quarter of 2005. "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 Chief Executive Officer. "These two
facilities are a good strategic fit for Vidrala, a leading and
growth-oriented glass container manufacturer in Europe." 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,
+1-419-247-1297 Web site: http://www.o-i.com/
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