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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
08/10/201614:07:15Statement of Changes in Beneficial Ownership (4)
07/28/201616:36:17Quarterly Report (10-q)
07/27/201616:37:44Current Report Filing (8-k)
07/27/201616:30:30O-I REPORTS SECOND QUARTER 2016 RESULTS; Earnings per share continues...
07/01/201608:22:14Amended Statement of Beneficial Ownership (sc 13d/a)
06/27/201616:48:31Annual Report of Employee Stock Plans (11-k)
06/27/201616:47:00Annual Report of Employee Stock Plans (11-k)
06/23/201616:20:31O-I Announces Second Quarter 2016 Earnings Conference Call and...
06/20/201608:05:00Early Briefing on Packaging & Containers Stocks - Graphic Packaging...
06/16/201617:20:12Statement of Changes in Beneficial Ownership (4)
06/09/201606:57:55Current Report Filing (8-k)
06/02/201616:20:28O-I CFO to Present at the Deutsche Bank 2016 Global Industrials...
06/01/201615:55:57Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:28Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:28Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:28Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:28Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:01Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:01Statement of Changes in Beneficial Ownership (4)
06/01/201615:55:01Statement of Changes in Beneficial Ownership (4)

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