O-I Acquires Nearly 50% Interest in Glass Container Manufacturer Empresas Comegua
Empresas Comegua is reportedly the leading manufacturer of glass containers for the Central American and Caribbean markets.
Owens-Illinois, Inc. (O-I) recently announced that it has acquired a 49.7% interest in Empresas Comegua S.A. from Fabricación de Màquinas, S.A. de C.V., a wholly owned subsidiary of Vitro, S.A.B. de C.V. Empresas Comegua is reportedly the leading manufacturer of glass containers for the Central American and Caribbean markets. According to O-I, the business serves many of its global strategic customers and various segments, including food, soft drinks, beer, spirits and pharmaceuticals. Operations include two glass manufacturing facilities: one in Costa Rica and another in Guatemala.
“The Comegua transaction builds off the acquisition of O-I Mexico in 2015 and complements our existing footprint across the Americas, which now extends from Canada to Argentina,” said Andres Lopez, O-I’s CEO. “With this move, O-I is expanding into new and growing glass markets in Central America and extending its market presence in the Caribbean.”
The purchase price of $119 million is adjusted for net debt and is based on an enterprise value of just under 6x FY18E EBITDA prior to any synergies. The transaction is expected to be accretive to earnings and cash flow in the first year.
For more information, visit www.o-i.com.