Owens-Illinois Receives Approval from the European Commission for Acquisition of BSN Glasspack

Owens-Illinois, Inc. announced that the Company has received approval from the European Commission for its previously announced acquisition of BSN Glasspack, S.A.

This is the final required regulatory approval. The Company expects to close on this transaction within the next two weeks.

In order to enable the Commission to clear the deal after the initial 6-week market investigation, O-I committed to divest the Barcelona, Spain, glass plant it is purchasing as part of this transaction and the Corsico, Italy, glass plant currently owned by O-I.

Steve McCracken, Owens-Illinois Chairman and Chief Executive Officer, said, "We are pleased to have this resolution of the Commission's regulatory review process. This is an important milestone for Owens-Illinois in our transformation to being a great global company. BSN is an excellent company with excellent people and we look forward to working with them in building a strong market-oriented O-I Europe."

"Even with the divestiture of the two plants, the transaction still makes strategic and financial sense for O-I," Mr. McCracken said.

As previously announced on February 18 of this year, total consideration for this acquisition is approximately 1,160 million euros (US$ 1,460 million)(a), including the assumption of debt.

The acquisition of BSN will make Owens-Illinois the largest glass container manufacturer in Europe, and will expand the Company's consolidated net sales by approximately $1.5 billion. It will also give the Company entry into the glass markets of Germany, France and the Netherlands where the Company currently does not have a manufacturing presence, and will expand the Company's presence in Spain.

600450 Owens-Illinois Receives Approval from the European Commission for Acquisition of BSN Glasspack glassonweb.com
Date: 11 June 2004
Source: Yahoo

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