Consumers Packaging signs agreement with Owens Illinois

Glass container manufacturer Consumers Packaging, Inc. recently announced that it has signed a definitive agreement with Owens-Illinois, Inc. of Toledo, Ohio, US, in relation to its previously announc…

Glass container manufacturer Consumers Packaging, Inc. recently announced that it has signed a definitive agreement with Owens-Illinois, Inc. of Toledo, Ohio, US, in relation to its previously announced proposal to sell substantially all of its Canadian glass producing assets. Consumers Packaging was operating under an order of the Ontario Superior Court of Justice under the Companies“ Creditors Arrangement Act (CCAA), which stays legal proceedings against the company in respect of its Canadian operations. The company expected to appear in court in late August to seek approval for the sale of assets to Owens-Illinois for approximately $235 million (Canadian). The closing of the transaction was subject to applicable regulatory approvals and other conditions. Consumers Packaging employs approximately 2,400 people in Canada, also supplying packaging products for the Canadian juice, food, beer, wines and liquor industries from three plants in Ontario (Toronto, Brampton and Milton), and one each in Quebec (Montreal), New Brunswick (Scoudouc) and British Columbia (Lavington).