Owens-Illinois (O-I) has acquired the majority share of Argentinean glassmaker Cristalerias Rosario, it has announced.
The investment is O-I’s first into the rapidly growing Argentinean container glass market, which is said to be the third largest in Latin America behind Mexico and Brazil, with more than one million tonnes in sales per year.
Cristalerias Rosario primarily supplies the wine industry, which represents the largest and most rapidly growing part of the country’s glass container market, according to reports.
“This acquisition supports our strategic priority of expanding in markets with strong growth potential,” said Al Stroucken Chairman and Chief Executive Officer of O-I.
“It complements our existing operations in Latin America and enables us to serve a portion of the region we currently are not serving. We intend to invest in Cristalerias Rosario over time to expand capacity, diversify production and strengthen our ability to serve this growing market,” Mr Stroucken continued.
Cristalerias Rosario has a two-furnace production plant situated in Rosario, Argentina. In operation for more than 60 years, the company employs approximately 230 people. .
