O-I has agreed to acquire a 49.7% stake in glass packaging producer Empresas Comegua from Fabricación de Màquinas, for approximately $119 million.
Empresas Comegua produces a range of glass packaging solutions for clients in the food, soft drinks, beer, spirits and pharmaceutical industries in the Central American and Caribbean markets.
Empresas Comegua operates two glass manufacturing facilities, one in Costa Rica and another in Guatemala, and O-I claims that the business already serves many of O-I’s global strategic customers.
Andres Lopez, O-I’s chief executive officer: “The Comegua transaction builds off the acquisition of O-I Mexico in 2015 and complements our existing footprint across the Americas which now extends from Canada to Argentina.
“With this move, O-I is expanding into new and growing glass markets in Central America and extending its market presence in the Caribbean.”
© FoodBev Media Ltd 2019