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Owens-Illinois Enters Venture With Thai Firm To Buy Glass Company

DOW JONES NEWSWIRES Owens-Illinois Inc. (OI) and Berli Jucker PLC (BJC.TH) of Thailand formed a joint venture that has agreed to buy Fraser & Neave Holdings Bhd.'s (3689.KU, P.FNH) Malaya Glass operations for about $221.7 million after debt and other items. Packaging companies are heavily dependent on consumer-goods volumes, putting them at the leading edge of any recovery. Like many companies, cost-cutting has mitigated the downturn's impacts. The latest move is part of Owens-Illinois strategy to grow through acquisitions and will significantly expand Owens-Illinois's presence in China and Southeast Asia. Owens-Illinois's portion of the purchase prices is $132.4 million. Chairman and Chief Executive Al Stroucken expects his company to see an immediate profit boost from the acquisition. The venture is buying four glass plants that produce containers for beer, nonalcoholic beverage and food companies. It will manage sites in Malaysia and Vietnam, while a Chinese plant will be managed as part of Owens-Illinois's China operations. Berli Jucker, which licences Owens-Illinois technology at its Thailand glass operations, will take majority ownership of the Thai plant. Owens-Illinois' shares closed Friday at $30.66 and were inactive premarket. The stock is down 6.7% this year, underperforming the broader market. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for Owens Illinois (OI)
DateTimeHeadline
09/03/201517:09:49Current Report Filing (8-k)
09/01/201517:04:09O-I Completes Acquisition of Vitro's Food and Beverage Business
09/01/201517:00:45O-I culmina la Adquisición del negocio de alimentos y bebidas...
08/12/201516:45:30Current Report Filing (8-k)
08/11/201508:26:28Current Report Filing (8-k)
08/11/201507:50:12Owens-Brockway Glass Container Inc. Launches Private Offering...
08/05/201508:22:35Current Report Filing (8-k)
07/30/201517:56:59Quarterly Report (10-q)
07/29/201516:20:10Current Report Filing (8-k)
07/29/201516:05:43O-I REPORTS SECOND QUARTER 2015 RESULTS; Stable results in North...
07/01/201516:05:39O-I ANNOUNCES SECOND QUARTER 2015 EARNINGS CONFERENCE CALL AND...
06/29/201517:18:04Annual Report of Employee Stock Plans (11-k)
06/29/201517:17:13Annual Report of Employee Stock Plans (11-k)
06/17/201517:06:23Cachaça Yaguara winner of the 2015 WorldStar Awards: O-I bottle...
06/17/201513:21:57Statement of Changes in Beneficial Ownership (4)
06/16/201513:33:08Corona Brewer Expands From Beer to Bottles
06/10/201507:31:53Current Report Filing (8-k)
06/09/201515:59:44Statement of Changes in Beneficial Ownership (4)
06/03/201516:05:00O-I Acting CFO to Present at 2015 Macquarie Global Metals, Mining...
06/01/201516:48:25Specialized Disclosure Report (sd)

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