Owens-Illinois, Inc. has announced the acquisition of the remaining 21% interest in its southern Brazil glass container company, Owens-Illinois Brazil Industry and Trade SA (Comercio). The remaining i…
Owens-Illinois, Inc. has announced the acquisition of the remaining 21% interest in its southern Brazil glass container company, Owens-Illinois Brazil Industry and Trade SA (Comercio). The remaining interest was acquired from Monteiro Aranha SA for approximately USD 140 million in cash and gives O-I 100% ownership in Comercio. O-I expects this transaction to be accretive to 2011 earnings. Comercio“s operations include two plants, one in Sao Paulo and another in Rio de Janeiro. The transaction will allow O-I to fully reflect the results of Comercio“s operations in its financial statements without a reduction for minority partner interest. For 2010, Comercio“s minority interest represented approximately USD 10 million of O-I“s total net earnings attributable to non-controlling interest (approximately USD 18 million of EBITDA). In addition, O-I has streamlined its corporate legal structure in Brazil.