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Owens-Illinois completes purchase of Mexican glass maker

Post Time:Jul 02,2019Classify:Industry NewsView:1077

Glass packaging manufacturer Owens-Illinois Inc. said Monday that it has completed its purchase of glass-making operator Nueva Fábrica Nacional de Vidrio S.A. de C.V. from Grupo Modelo, which is a wholly owned affiliate of Anheuser-Busch InBev.

The cost of the acquisition, announced in early April, was approximately $188 million.

The Nueva Fanal facility, located near Mexico City, has four furnaces to produce and supply about 300,000 tons of glass containers annually for Grupo Modelo brands, including Corona, Modelo Especial, and Pacifico.

Earlier, O-I said it expects the new business to contribute annually about $140 million in revenue and $40 million in earnings before interest, taxes, depreciation and amortization.

Also, O-I said it has signed a long-term deal to supply glass for Grupo Modelo’s brands. The entire transaction has received all regulatory approvals in Mexico.

Source: https://www.toledoblade.com/Author: shangyi

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