Visy completed the acquisition of glass manufacturing business of Owens Illinois for $700m.

Visy, a packaging and resource recovery company, completed the acquisition of glass manufacturing business of Owens Illinois, a glass container manufacturing company, for $700m. “The sale of our ANZ operations is consistent with our strategy to properly align our business with the interests of our global customer base, improve financial flexibility and maximize shareholder value. O-I will continue to develop its leading market positions across Europe and the Americas as well as the company’s interests in Asia. The sale of ANZ follows an in-depth strategic review of our global business portfolio and operating structure which is now substantially complete following this transaction. We received a full and fair price for ANZ, and this sale represents a significant milestone in our business transformation as we optimize our structure and prioritize debt reduction,” Andres Lopez, O-I CEO.