OI OI Glass Inc

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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