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Comercio’s operations include two plants, one located in Sao Paulo and the other in Rio de Janeiro. The transaction will reportedly allow O-I to fully reflect the results of Comercio’s operations in its financial statements without a reduction for minority partner interest.
“Brazil represents a major component of our global growth strategy due to its rapidly expanding glass container market, which is one of the largest and fastest growing areas within O-I,” said Al Stroucken, chairman and CEO. “Consistent with our strategy, we acquired CIV in northern Brazil in 2010. Now, with the buyout of our minority partner in the south, O-I fully owns the leading glass packaging company in Brazil. As a result, we will realize all of the benefits of our efforts in this dynamic, emerging market.”
For additional details, visit www.o-i.com.