Owens-Illinois (O-I) has acquired nearly half of Mexican container glassmaker Empresas Comegua in a €119 million deal.

Owens-Illinois said it acquired a 49.7% interest in Empresas Comegua from Fabricación de Màquinas (FAMA), a Vitro subsidiary.

Empresas Comegua is a manufacturer of glass containers for the Central American and Caribbean markets.

The business serves many of O-I's global strategic customers and various segments including food, soft drinks, beer, spirits and pharmaceuticals.

Operations include two glass manufacturing facilities - one in Costa Rica and another in Guatemala.

Andres Lopez, O-I's chief executive officer, said: "The Comegua transaction builds off the acquisition of O-I Mexico in 2015 and complements our existing footprint across the Americas which now extends from Canada to Argentina.

“With this move, O-I is expanding into new and growing glass markets in Central America and extending its market presence in the Caribbean."

Pictured: Wine bottles decorated using O-I's Expressions range