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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;;

Stock News for Owens Illinois (OI)
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11/25/201513:56:31Initial Statement of Beneficial Ownership (3)
11/23/201506:37:22Current Report Filing (8-k)
11/23/201506:30:35Jan Bertsch Joins O-I as Chief Financial Officer
11/20/201506:30:28Owens-Illinois, Inc.: John Haudrich Named Chief Strategy and...
11/05/201518:53:58Statement of Changes in Beneficial Ownership (4)
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10/28/201517:16:38Quarterly Report (10-q)
10/27/201516:15:53Current Report Filing (8-k)
10/27/201516:05:30O-I REPORTS THIRD QUARTER 2015 RESULTS; Adjusted earnings in...
10/23/201509:24:34O-I donates bottles for unique whisky from historic George Washington...
10/20/201518:40:00Bottle Maker Owens-Illinois Names New CEO
10/20/201516:31:02Owens-Illinois names Lopez as CEO effective Jan. 1
10/20/201516:10:18Andres Lopez Named Chief Executive Officer of O-I
09/22/201516:37:23Amended Current Report Filing (8-k/a)
09/18/201507:15:32Current Report Filing (8-k)
09/14/201516:23:22Statement of Changes in Beneficial Ownership (4)
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...

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