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O-I Acquires Remaining Interest in Its Brazilian Operations

Post Time:Jun 03,2011Classify:Company NewsView:385

Comercio´s operations include two plants – one in Sao Paulo and another in Rio de Janeiro. The transaction will allow O-I to fully reflect the results of Comercio´s operations in its financial statements without a reduction for minority partner interest. For 2010, Comercio´s minority interest represented approximately $10 million of O-I´s total net earnings attributable to noncontrolling interest (approximately $18 million of EBITDA).In addition, O-I streamlined its corporate legal structure in Brazil.

"Brazil represents a major component of our global growth strategy due to its rapidly expanding glass container market, which is one of the largest and fastest growing areas within O-I," said Al Stroucken, O-I chairman and CEO. "Consistent with our strategy, we acquired CIV in northern Brazil in 2010. Now, with the buyout of our minority partner in the South, O-I fully owns the leading glass packaging company in Brazil. As a result, we will realize all of the benefits of our efforts in this dynamic, emerging market."

Source: http://www.glassglobal.com/news/o_i_acquires_remaiAuthor: shangyi

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