Owens-Illinois, Inc have announced that the Company has closed on the sale of two European glass container plants to Vidrala, S.A, Spain. Originally announced in Nov/04, the sale was approved by all necessary regulatory bodies including the EC. OI committed to divest the Barcelona, Spain, & Corsico, Italy, glass plants to secure the EC's approval of the company's acquisition of BSN Glasspack, SA, which closed in 2004. Cash proceeds from the sale of approximately EUR 138.2 million will be reinvested in the company's manufacturing facilities or used to repay bank debt under the company's secured credit facility."We are pleased by the timely execution in closing the sale process with Vidrala, which marks the last part of our agreement with the European Commission to acquire BSN Glasspack," said Steve McCracken, Owens-Illinois Chairman and Chief Executive Officer.
