The US glass group Owens-Illinois, Inc. announced last week that, in accordance with the terms of a joint venture agreement, Gerresheimer Glas AG of Germany has exercised its rights to purchase Owens-…
The US glass group Owens-Illinois, Inc. announced last week that, in accordance with the terms of a joint venture agreement, Gerresheimer Glas AG of Germany has exercised its rights to purchase Owens-Illinois“ 49% interest in Kimble Glass Inc., a leading US producer of borosilicate glass for tubing, pharmaceutical packaging, and scientific laboratory ware with headquarters in Vineland, New Jersey. As a result, Kimble Glass is now a wholly-owned subsidiary of Gerresheimer Glas. Terms were not disclosed. Owens-Illinois intends to use the proceeds from the sale to reduce indebtedness and for general corporate purposes. Sale of its interest in Kimble Glass further advances Owens-Illinois“ strategy of focusing on growth opportunities in its core businesses of glass and plastic packaging. Owens-Illinois had 1996 sales of US$ 3.8 billion. The Kimble Glass Inc. joint venture was formed in December 1993, with Gerresheimer Glas having a 51% interest and Owens-Illinois 49%.