O-I has sold its container glass manufacturing facility in Rosario, Argentina.
The world’s largest glass container glass maker said the glass plant had been sold to a local investor, who is also the owner of beverage businesses in Argentina.
He has been named locally as Hugo Ballester, owner of the La Farruca cider brand. Cider is a growing segment in Argentina as well as Bolivia, Paraguay and Uruguay.
The sale was completed on Tuesday, January 12, 2021.
It said: “O-I will continue to serve the needs of food and beverage customers in South America through our other glass packaging operations.”
In a separate statement seen by staff it said: “While decisions affecting our employees are never easy, the sale of this business was a necessary step in our reassessment of the portfolio.
“O-I appreciates the support and dedication of our employees in Argentina in recent years.
“Rosario's divestment is part of the company's strategic and tactical overhaul, which resulted in the divestment of the company's interest in a soda ash joint venture, the Australian and New Zealand businesses, and various land sales.
“These actions allow a greater focus on our core businesses, while strengthening the company's cash position and balance sheet.”