O-I ACQUIRES NEARLY 50 PERCENT INTEREST IN EMPRESAS COMEGUA S.A.
November 12 2018 - 6:15AM
FOR IMMEDIATE RELEASE
For more information, contact:
Leslie Orozco
Communications Manager
567-336-7370
Leslie.orozco@o-i.com
Dave Johnson
Vice President, Investor Relations and Treasurer
567-336-2600
dave.johnson@o-i.com
O-I ACQUIRES
NEARLY 50 PERCENT INTEREST IN EMPRESAS COMEGUA S.A.
Perrysburg, Ohio (Nov. 12,
2018) - Owens-Illinois, Inc. (NYSE: OI)
today announced that it has acquired a just over 49.7 percent
interest in Empresas Comegua S.A. from Fabricación de Máquinas,
S.A. de C.V., a wholly owned subsidiary of Vitro, S.A.B. de C.V.
(BMV: VITROA).
Empresas Comegua S.A. is the leading manufacturer
of glass containers for the Central American and Caribbean markets.
The business serves many of O-I's global strategic customers and
various segments including food, soft drinks, beer, spirits and
pharmaceuticals. Operations include two glass manufacturing
facilities - one in Costa Rica and another in Guatemala.
According to Andres Lopez, O-I's chief executive
officer: "The Comegua transaction builds off the acquisition of O-I
Mexico in 2015 and complements our existing footprint across the
Americas which now extends from Canada to Argentina. With this
move, O-I is expanding into new and growing glass markets in
Central America and extending its market presence in the
Caribbean."
The purchase price of $119 million is
adjusted for net debt and is based on an enterprise value of just
under 6x FY18E EBITDA prior to any synergies.
The transaction is expected to be accretive to
earnings and cash flow in the first year.
###
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's
largest glass container manufacturer and preferred partner for many
of the world's leading food and beverage brands. The Company had
revenues of $6.9 billion in 2017 and employs more than 26,500
people at 78 plants in 23 countries. With global headquarters in
Perrysburg, Ohio, O-I delivers safe, sustainable, pure, iconic,
brand-building glass packaging to a growing global marketplace. For
more information, visit o-i.com.
Forward-looking
statements
This document contains "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") and Section 27A of the Securities Act
of 1933. Forward-looking statements reflect the Company's current
expectations and projections about future events at the time, and
thus involve uncertainty and risk. The words "believe," "expect,"
"anticipate," "will," "could," "would," "should," "may," "plan,"
"estimate," "intend," "predict," "potential," "continue," and the
negatives of these words and other similar expressions generally
identify forward-looking statements. It is possible the Company's
future financial performance may differ from expectations due to a
variety of factors including, but not limited to the following: (1)
foreign currency fluctuations relative to the U.S. dollar, (2)
changes in capital availability or cost, including interest rate
fluctuations and the ability of the Company to refinance debt at
favorable terms, (3) the general political, economic and
competitive conditions in markets and countries where the Company
has operations, including uncertainties related to economic and
social conditions, disruptions in the supply chain, competitive
pricing pressures, inflation or deflation,
and changes in tax rates and laws, (4) the Company's ability to
generate sufficient future cash flows to ensure the Company's
goodwill is not impaired, (5) consumer preferences for alternative
forms of packaging, (6) cost and availability of raw materials,
labor, energy and transportation, (7) the Company's ability to
manage its cost structure, including its success in implementing
restructuring plans and achieving cost savings, (8) consolidation
among competitors and customers, (9) the Company's ability to
acquire businesses and expand plants, integrate operations of
acquired businesses and achieve expected synergies, (10)
unanticipated expenditures with respect to environmental, safety
and health laws, (11) unanticipated operational disruptions,
including higher capital spending, (12) the Company's ability to
further develop its sales, marketing and product development
capabilities, (13) the failure of the Company's joint venture
partners to meet their obligations or commit additional capital to
the joint venture, (14) the Company's ability to prevent and detect
cybersecurity threats against its information technology systems,
(15) the Company's ability to accurately estimate its total
asbestos-related liability or to control the timing and occurrence
of events related to outstanding asbestos-related claims, including
but not limited to settlements of those claims, (16) changes in
U.S. trade policies, (17) the Company's ability to achieve its
strategic plan, and the other risk factors discussed in the Annual
Report on Form 10-K for the year ended December 31, 2017 and the
Company's other filings with the Securities and Exchange
Commission. It is not possible to foresee or identify all such
factors. Any forward-looking statements in this document are based
on certain assumptions and analyses made by the Company in light of
its experience and perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance and actual
results or developments may differ materially from expectations.
While the Company continually reviews trends and uncertainties
affecting the Company's results of operations and financial
condition, the Company does not assume any obligation to update or
supplement any particular forward-looking statements contained in
this document.
O-I_Acquires_Nearly_50_Percent_Interest_In_Empresas_Comegua_SA
O-I_85K_4C
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Owens-Illinois, Inc. via Globenewswire
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