Owens-Illinois to Acquire Canadian Glass Container Operations
August 15, 2001
Owens-Illinois recently announced that it has entered into an agreement in principle to acquire substantially all of the Canadian glass container assets of Consumers Packaging Inc. (CPI) for approximately US$153 million. Representatives of both companies have executed a letter of intent to implement the transaction. The agreement is part of the CPI restructuring process currently underway under the jurisdiction of the Ontario Superior Court of Justice. The transaction is expected to close by the end of the third quarter of this year. Completion of the acquisition is subject to court and regulatory approvals and other customary closing conditions. Under the agreement, Owens-Illinois will acquire CPI's six glass container manufacturing plants in Canada. Owens-Illinois plans to operate the CPI business, which has annual sales of approximately US$300 million, through a wholly-owned Canadian subsidiary.
For additional information, visit http://www.o-i.com.