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Owens-Illinois buys fourth glass production facility in China
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Owens-Illinois Inc (NYSE OI) said it has acquired Tianjin New World Glass Containers Ltd for approximately nine mln usd.
Tianjin New World will be restructured to operate as a joint venture in which O-I holds a 95 pct stake with the remainder held by Tianjin Shi Fa Group Co Ltd -- a local government subsidiary.
'The acquisition is an important part of O-I's growth strategy in emerging markets and reinforces our market leadership in China,' said Steve McCracken, O-I chairman and CEO.
He said the new venture represents a low-cost manufacturing position with close proximity to major consumer markets and complements O-I's existing glass container operations in Guangzhou, Shanghai and Wuhan.
O-I's operations in China focus mainly on the production of bottles for the beer and wine industries.
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January 5th, 2006
Source: Forbes |
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