Owens-Illinois (O-I) has completed the acquisition of the Vitro food and beverage glass container business in a transaction valued at $2.15 billion.

Vitro is the largest supplier of glass containers in Mexico and manufactures glass containers across multiple end uses, including food, soft drinks, beer, wine and spirits.

The transaction includes Vitro's five food and beverage glass container plants in Mexico, a plant in Bolivia and the food and beverage business of Vitro Packaging, its North American distribution business based in Plano, Texas, which together employ 6,000 people.

"As a leader in the strong and growing Latin American market, the addition of Vitro represents a significant opportunity to extend our global franchise and further build upon our position as the world's leading glass packaging company," said Al Stroucken, chairman and CEO of O-I.

The transaction provides O-I with a competitive position in the attractive glass segment of the packaging market in Mexico.

Andres Lopez, O-I's chief operating officer said: "Vitro’s food and beverage business' current management team has a proven track record of meeting customer needs and serving local markets, and we are pleased that they will continue to lead the business.

“Our intent is to allow the business to operate much as it has in the past. We are pleased to have completed this transaction earlier than anticipated and - with integration plans well underway - look forward to successfully bringing together our businesses to drive greater value for shareholders."

The transaction has received Vitro shareholder approval, as well as relevant regulatory approvals in the USA and Mexico.

Vitro will continue its business in the Cosmetics, Fragrance, Pharmaceutical and Flat Glass segments, as well as its business-related chemicals Álcali and mouldmaking and machinery. It will also keep its shareholding with Comegua Companies holding company that operates manufacturing facilities in Central America and supplies the glass containers market throughout the region and the Caribbean.

Adrian Sada Gonzalez, Chairman of the Board of Directors of Vitro, said: "In this new stage we wish the best for O-I and especially thank our colleagues who join this global leader for all their service to our company, in which they gave their energy and talent.

"We are sure you will have great opportunities for planning and development and wish them every success.”

Adrian Sada Cueva, CEO of Vitro, said: "This transaction will position us as a financially stronger company with greater projection. The new Vitro will be better prepared to capitalise on the growth opportunities presented to us and to better face the challenges of our industry.”