O-I Acquires Brazilian Glass Company (OI)

Owens-Illinois, Inc. OI today announced the acquisition of Brazilian glassmaker Companhia Industrial de Vidros, significantly expanding O-I's reach in South America's largest container market. Under the terms of the agreement, O-I is purchasing CIV's glass container business for $603 million, which includes future tax benefits with an estimated present value of $140 million. These tax benefits include federal and state incentives for development in Brazil's northeastern region. The all-cash transaction closed today.