O-I Glass is to sell its Cristar TableTop subsidiary to Brazilian tableware group Nadir Figueiredo for $95 million.

Cristar owns a tableware manufacturing plant in Buga, Colombia, that exports tableware to 40 countries and generated $14.6 million of EBITDA to the 12 months ended September 30, 2021.

The sale is expected to close during the first half of 2022.

Andres Lopez, O-I Glass CEO, said: “We are deploying proceeds from the sale of non-core assets to help fund our expansion plan, leveraging our exciting new MAGMA solution, that includes investment with attractive returns.”

The sale of Cristar is part of O-I’s plan to exit non-core operations and advance its core business.

Proceeds from this programme are being used to fund up to $680 million of growth by 2024, including the company’s MAGMA technology, as well as to reduce debt.

O-I has entered into sales agreements of $1.1 billion as part of its overall $1.5 billion portfolio optimisation programme. O-I anticipates completing the current programme in 2022, ahead of its original 2024 target.

O-I’s expansion plan includes a $100 million investment at its plant in Zipaquirá, Colombia. Following this expansion and the sale of Cristar, O-I expects to have a stronger presence in Colombia.