O-I has completed the sale of its Australia and New Zealand (ANZ) business unit to Visy Industries for nearly AUD$ 1billion ($677 million).

O-I ANZ is the largest manufacturer of glass bottles and containers in Australia and New Zealand and the business generated sales of approximately AUD $754 million and EBITDA of approximately AUD $124 million in 2019.

Mark de Wit, Visy’s Chief Operating Officer, said: “We are delighted to welcome the O-I Australian and New Zealand teams into the Visy family and we look forward to working with our new team to integrate a new packaging format and build a bright future for the company.”

O-I made known its intention to sell the ANZ unit last month. At the time its CEO, Andres Lopez said: “We received a full and fair price for ANZ, and this sale represents a significant milestone in our business transformation as we optimise our structure and prioritise debt reduction.”