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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
02/10/201610:29:19Amended Statement of Ownership (sc 13g/a)
02/08/201616:41:22Current Report Filing (8-k)
02/08/201616:30:30O-I REPORTS FULL YEAR AND FOURTH QUARTER 2015 RESULTS; Improving...
01/28/201609:05:25O-I to Host Investor Day on March 1, 2016
01/11/201617:24:59Initial Statement of Beneficial Ownership (3)
01/11/201617:24:59Initial Statement of Beneficial Ownership (3)
01/11/201617:24:59Initial Statement of Beneficial Ownership (3)
01/06/201616:15:08O-I Announces Fourth Quarter and Full Year 2015 Earnings Conference...
12/10/201506:55:24Current Report Filing (8-k)
12/04/201508:45:28O-I CEO-Elect to Present at the Bank of America Merrill Lynch...
12/01/201516:15:29O-I VP of Investor Relations to Present at the Bank of America...
11/25/201513:56:32Statement of Changes in Beneficial Ownership (4)
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)
10/31/201508:15:03Constellation Brands, Inc: Taking on Debt the Old-Fashioned Way
10/28/201517:16:38Quarterly Report (10-q)
10/27/201516:15:53Current Report Filing (8-k)

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