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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
03/30/201515:01:25Statement of Changes in Beneficial Ownership (4)
03/19/201508:14:36Current Report Filing (8-k)
03/19/201508:08:39Chief Financial Officer Steve Bramlage to leave O-I; John Haudrich...
03/16/201512:28:58Statement of Changes in Beneficial Ownership (4)
03/12/201516:27:52Current Report Filing (8-k)
03/12/201508:48:17O-I prevails in international arbitration against Venezuela
03/03/201507:42:01Current Report Filing (8-k)
02/20/201516:23:19Statement of Changes in Beneficial Ownership (4)
02/18/201516:05:49O-I CFO to Present at 2015 J.P. Morgan Aviation, Transportation...
02/11/201511:53:05Amended Statement of Ownership (sc 13g/a)
02/11/201506:02:15Current Report Filing (8-k)
02/09/201506:02:54Amended Statement of Ownership (sc 13g/a)
02/04/201516:45:50O-I Enters into Agreement to Repurchase $100M of Common Stock
02/02/201516:15:40Current Report Filing (8-k)
02/02/201516:05:53O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS: O-I generates...
01/20/201508:01:44O-I Names Vitaliano Torno as Leader of European Operations
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/07/201516:05:49O-I ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 EARNINGS CONFERENCE...

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