O-I Completes Acquisition of Vitro's Food and Beverage Business
(Thomson Reuters ONE) -
FOR IMMEDIATE RELEASE
For more information, contact:
David Johnson Barbara Owens
Vice President, Investor Relations Senior Communications Adviser
Perrysburg, Ohio, U.S. Perrysburg, Ohio, U.S.
+1 567 336 2600 +1 567 3365585
dave.johnson(at)o-i.com barbara.owens(at)o-i.com
O-I Completes Acquisition of Vitro's Food and Beverage Business
Perrysburg, Ohio (September 1, 2015) - Owens-Illinois, Inc. (NYSE: OI) today
announced that it has completed the acquisition of the Vitro food and beverage
glass container business from Vitro, S.A.B. de C.V. (BMV: VITROA) in a
transaction valued at approximately $2.15 billion.
Vitro is the largest supplier of glass containers in Mexico and manufactures
glass containers across multiple end uses, including food, soft drinks, beer,
wine and spirits. The transaction includes Vitro's five food and beverage glass
container plants in Mexico, a plant in Bolivia and the food and beverage
business of Vitro Packaging, its North American distribution business based in
Plano, Texas, which together employ nearly 6,000 people.
"As a leader in the strong and growing Latin American market, the addition of
Vitro represents a significant opportunity to extend our global franchise and
further build upon our position as the world's leading glass packaging company,"
said Al Stroucken, chairman and CEO of O-I.
The transaction provides O-I with a competitive position in the attractive glass
segment of the packaging market in Mexico, further enhancing O-I's position as
the world's foremost glass container producer. O-I expects the transaction to be
accretive to earnings and cash flow in the first year. The Company anticipates
that in the third year after closing, EPS accretion will reach approximately
$0.50 per share.
According to Andres Lopez, O-I's chief operating officer: "Vitro's food and
beverage business' current management team has a proven track record of meeting
customer needs and serving local markets, and we are pleased that they will
continue to lead the business. Our intent is to allow the business to operate
much as it has in the past. We are pleased to have completed this transaction
earlier than anticipated and - with integration plans well underway - look
forward to successfully bringing together our businesses to drive greater value
for shareholders."
The transaction has received Vitro shareholder approval, as well as relevant
regulatory approvals in the U.S. and Mexico.
# # #
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container
manufacturer and preferred partner for many of the world's leading food and
beverage brands. The Company had revenues of $6.8 billion in 2014. Following the
acquisition of Vitro's food and beverage business, the company now employs
approximately 27,000 people at 81 plants in 23 countries. With global
headquarters in Perrysburg, Ohio, U.S., O-I delivers safe, sustainable, pure,
iconic, brand-building glass packaging to a growing global marketplace. For more
information, visit o-i.com.
O-I's Glass Is Life(TM) movement promotes the widespread benefits of glass
packaging in key markets around the globe. Learn more about the reasons to
choose glass and join the movement at glassislife.com.
The Company routinely posts important information on its website - www.o-
i.com/investors.
Forward-looking statements
This press release contains "forward-looking" statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. Forward-looking statements reflect the Company's current
expectations and projections about future events at the time, and thus involve
uncertainty and risk. The words "believe," "expect," "anticipate," "will,"
"could," "would," "should," "may," "plan," "estimate," "intend," "predict,"
"potential," "continue," and the negatives of these words and other similar
expressions generally identify forward looking statements. It is possible the
Company's future financial performance may differ from expectations due to a
variety of factors including, but not limited to the following: (1) the
Company's ability to integrate the Vitro Business in a timely and cost effective
manner, to maintain on existing terms the permits, licenses and other approvals
required for the Vitro Business to operate as currently operated, and to realize
the expected synergies from the Vitro Acquisition, (2) risks related to the
impact of integration of the Vitro acquisition on earnings and cash flow, (3)
risks associated with the significant transaction costs and additional
indebtedness that the Company expects to incur in financing the Vitro
Acquisition, (4) the Company's ability to realize expected growth opportunities
and cost savings from the Vitro Acquisition, (5) foreign currency fluctuations
relative to the U.S. dollar, specifically the Euro, Brazilian real, Mexican
peso, Colombian peso and Australian dollar, (6) changes in capital availability
or cost, including interest rate fluctuations and the ability of the Company to
refinance debt at favorable terms, (7) the general political, economic and
competitive conditions in markets and countries where the Company has
operations, including uncertainties related to economic and social conditions,
disruptions in capital markets, disruptions in the supply chain, competitive
pricing pressures, inflation or deflation, and changes in tax rates and laws,
(8) consumer preferences for alternative forms of packaging, (9) cost and
availability of raw materials, labor, energy and transportation, (10) the
Company's ability to manage its cost structure, including its success in
implementing restructuring plans and achieving cost savings, (11) consolidation
among competitors and customers, (12) the ability of the Company to acquire
businesses and expand plants, integrate operations of acquired businesses and
achieve expected synergies, (13) unanticipated expenditures with respect to
environmental, safety and health laws, (14) the Company's ability to further
develop its sales, marketing and product development capabilities, and (15) the
timing and occurrence of events which are beyond the control of the Company,
including any expropriation of the Company's operations, floods and other
natural disasters, events related to asbestos-related claims, and the other risk
factors discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 2014 and any subsequently filed Quarterly Report on Form 10-Q. It
is not possible to foresee or identify all such factors. Any forward-looking
statements in this document are based on certain assumptions and analyses made
by the Company in light of its experience and perception of historical trends,
current conditions, expected future developments, and other factors it believes
are appropriate in the circumstances. Forward-looking statements are not a
guarantee of future performance and actual results or developments may differ
materially from expectations. While the Company continually reviews trends and
uncertainties affecting the Company's results of operations and financial
condition, the Company does not assume any obligation to update or supplement
any particular forward-looking statements contained in this press release.
O-I Completes Acquisition of Vitro?s Food and Beverage Business:
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This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Owens-Illinois, Inc. via GlobeNewswire
[HUG#1949144]
Unternehmensinformation / Kurzprofil:
Datum: 01.09.2015 - 23:00 Uhr
Sprache: Deutsch
News-ID 417481
Anzahl Zeichen: 8998
contact information:
Town:
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Kategorie:
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