OST Group sells share of plant to O-I

The OST group, based in Chernogolovka (Moscow region) has sold its 19% share in the ZAO OST-Tara glass plant to Owens-Illinois, Inc, OST said in a press release.
Under the deal, Owens-Illinois will a…

The OST group, based in Chernogolovka (Moscow region) has sold its 19% share in the ZAO OST-Tara glass plant to Owens-Illinois, Inc, OST said in a press release. Under the deal, Owens-Illinois will also receive a number of options through which it could eventually acquire a controlling stock interest in the firm. The accord signed by OST-Tara and Owens-Illinois stipulates that the US company will be responsible for fully equipping and supporting the technical capability of the factory in accordance with world standards. OST and OST-Tara also signed a five-year contract to supply packaging to the OST-Alko and OST-Akva plants. The value of the deal was not disclosed. “The sale of the share in OST-Tara is one of the stages of the company“s policy to develop key areas of business by attracting strategic partners to the enterprises of the group“s non-profile business,” OST group director Yelena Sorokina said in the release.