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Owens-Illinois buys Bavaria glass container operations and Compania Nacional de Vidrios and Cia. Manufacturera de Vidrio del Peru

According to a recent report, Bavaria SA closed the sale of its glass container operations, Compania Nacional de Vidrios SA, to Owens-Illinois Inc.
Bavaria said the glass container business, located …

According to a recent report, Bavaria SA closed the sale of its glass container operations, Compania Nacional de Vidrios SA, to Owens-Illinois Inc. Bavaria said the glass container business, located in Colombia, has revenue of about US$ 70 million. The acquisition, combined with its existing operations, makes Owens-Illinois the sole glass container supplier in Colombia. Owens-Illinois makes glass bottle and jar containers. The company“s Colombian unit, Cristaleria Peldar SA, has revenue of approximately US $110 million. Meanwhile, the company“s (board approved the buyback of up to 10 million additional shares. Owens-Illinois has about 150.1 million shares outstanding. Owens also recently purchased Colombian glass container manufacturer Compania Nacional de Vidrios S.A. and Peruvian glass container manufacturer Cia. Manufacturera de Vidrio del Peru Ltda. S.A. Financial terms were not disclosed. The glass container manufacturer said that combining its existing operations in the countries with the acquisitions makes it the sole glass container supplier in Peru and Colombia. Owens-Illinois expects that both of the units will add to earnings in 2000. The two companies had combined 1999 sales of about US$ 100 million.

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