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O-I Glass To Sell Australia, New Zealand Business Unit To Visy Industries

O-I Glass Inc. (OI) Wednesday said it has agreed to sell its Australia and New Zealand business unit to Visy Industries.

Gross proceeds on the sale and related sale-leaseback agreement with Charter Hall, a management company, will be approximately AUD $947 million.

"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," said Andres Lopez, CEO

"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," Lopez added.

O-I has entered into a sale-leaseback agreement with Charter Hall for certain properties valued at about AUD $214 million as well as an agreement to sell the O-I ANZ business to Visy for around AUD $733 million.

The sale to Visy is subject to customary closing conditions. Both transactions have already received the proper regulatory approvals and closing is expected by August 31, 2020.

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