Mexico’s largest glass manufacturer Vitro has approved Owens-Illinois’ (O-I) $2.15 billion bid to buy its glass containers division.
The transaction includes five plants for food and beverage containers located in Mexico, operations in Bolivia and distribution of these products in the United States.
Not included in the deal are its assets associated with the cosmetics, fragrances and pharmaceuticals ("CFT") segments, the equity interest in its companies Comegua in Central America companies as well as the company's business involving chemicals and mould manufacturing, and machinery.
The bid was approved during an Ordinary General Meeting held in Mexico.
"We are grateful for the support of our shareholders, to take another step in our goal to increase the value of Vitro," said Adrian Sada Gonzalez, Vitro’s Chairman of the Board.
“We are about to complete the transaction with Owens-Illinois, a company we admire and a leader in the industry of food and beverage containers."
Adrian Sada Cueva, CEO of Vitro, said: “This transaction will further strengthen our business both operationally and financially."
The transaction has been approved by the Federal Trade Commission in the United States and is subject to the approval of the Federal Competition Commission and the National Commission on Foreign Investment in Mexico.