O-I has completed the acquisition of Nueva Fábrica Nacional de Vidrio, ("Nueva Fanal") from Grupo Modelo.

Grupo Modelo, a wholly owned affiliate of Anheuser-Busch InBev, bought the company in a transaction valued at approximately $188 million.

The Nueva Fanal facility is located near Mexico City and has four furnaces.

The furnaces produce and supply approximately 300,000 tonnes 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 EBITDA on an annual basis, with incremental synergies anticipated.

Furthermore, O-I has entered into a long-term agreement to continue to supply glass to Grupo Modelo.

Andres Lopez, Chief Executive Officer, O-I said: "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.

"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.