Owens-Illinois Inc., the US glass and plastic container maker, has completed its acquisition of the Canadian glass container assets of Consumers Packaging Inc. for CAD 230 million.
In a press release…
Owens-Illinois Inc., the US glass and plastic container maker, has completed its acquisition of the Canadian glass container assets of Consumers Packaging Inc. for CAD 230 million. In a press release, the glass container company said it expects the acquisition will add to earnings per share in the first full year after closing the deal. Owens-Illinois plans to invest in the Canadian manufacturing operations during the next several years to bring quality and productivity levels up and will operate the Canadian business as Owens-Illinois Canada Corp. The transaction was approved on 31 August by the Ontario Superior Court of Justice as part of a restructuring plan by Consumers Packaging. The deal has also received all necessary regulatory approvals. As reported on 3 August, Owens-Illinois agreed to buy substantially all of Consumers Packaging“s Canadian glass-producing assets for about CAD 235 million. The company said the sale includes its shareholdings in Consumers US, Inc.