Glass manufacturer Owens-Illinois Inc. announced 4/1/06 it has purchased Tianjin New World Glass Containers Co. of China for about US$9M. The company will be called O-I Tianjin Glass Co. and operate as a joint venture between Ohio-based Owens-Illinois and the local Chinese government's light industry bureau. Owens-Illinois will control 95% of the business. The Chinese company's operations are in Tianjin, about 75 miles southeast of Beijing. It makes bottles for the beer and wine industries in northeast China. Owens-Illinois makes glass containers, health care packaging and specialty closure systems in more than 100 factories in 23 countries. The company, which was established in 1903, reported $6.2BN in revenue last year. Shares of Owens-Illinois rose 20 cents to close at $21.52 Wednesday on the New York Stock Exchange. The stock has traded in a 52-week range of $17.50-$27.50.
