O-I has long supplied Nestle Waters' S. Pellegrino line, and the brand's CEO is currently featured in O-I's Glass Is Life™ global advertising campaign.
"As a result of this deeper strategic relationship with Nestle Waters, O-I has the opportunity to support some of the preeminent brands in the water segment and reinforce glass' position in this important category," said Jose Lorente, president of O-I Europe.
O-I announced the intent to acquire the Vergeze plant in November 2010, pending the completion of a restructuring plan to bring the facility's costs in line with those of other O-I Europe plants.
O-I will pay approximately $15 million related to the acquisition of the Vergeze plant, which employs 132 people. The acquisition is expected to be earnings accretive in 2012.
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container manufacturer and preferred partner for many of the world's leading food and beverage brands. With revenues of $6.6 billion in 2010, the company is headquartered in Perrysburg, Ohio, USA, and employs more than 24,000 people at 80 plants in 21 countries. O-I delivers safe, effective and sustainable glass packaging solutions to a growing global marketplace. For more information, visit www.o-i.com.
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