Owens-Illinois, Inc. (NYSE: OI) today announced it has completed the acquisition of Nueva Fábrica Nacional de Vidrio, S. de R.L. de C.V. ("Nueva Fanal") from Grupo Modelo, a wholly owned affiliate of Anheuser-Busch InBev SA/NV (Euronext: ABI) in a transaction valued at approximately US$188 million.
The Nueva Fanal facility is located near Mexico City, Mexico. Currently, this plant has four furnaces to produce and supply approximately 300,000 tons of glass containers annually for Grupo Modelo brands serving the local and global export markets.
O-I expects the business to contribute approximately $140 million of revenue and $40 million EBITDA¹ on an annual basis. Incremental synergies are anticipated. Further, O-I has entered into a long-term agreement to continue to supply glass to Grupo Modelo.
"In acquiring Nueva Fanal, O-I continues to execute its strategy of investing in the growth of sustainable glass packaging, specifically premium brands, such as Corona, one the most popular and fastest growing beer brands globally," said Andres Lopez, Chief Executive Officer, O-I.
"We are pleased to close this transaction and will be actively working to achieve the operational and financial synergies we believe this acquisition creates," Lopez added. "We welcome Nueva Fanal's employees into the O-I family and are planning a successful integration of the facility into our Americas region."
The transaction has received the relevant regulatory approvals in Mexico.
