logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Brooklyn, New York -based Golden Natural Products, Inc. is recalling two dried apricot products as they contain undeclared sulfites, the U.S. Food and Drug Administration said. The recall involves Dried Apricot Subkhon with Bone and Dried Apricot Subkhon Jumbo. Pfizer and Moderna have raised the prices of their respective Covid vaccines for European Union, the Financial Times reported. Pharmaceutical giants renegotiated their covid vaccine supply contract with the EU citing global inflation, supply chain bottleneck and a high demand for the vaccines. A similar price hike is expected in other markets. Shares of HSBC Holdings Plc were gaining in London and Hong Kong trading after the Asia-focused lender reported Monday that its first-half profit more than doubled, despite weak revenues. Looking ahead, the company said while uncertainties remain, the outlook is more positive with evidence of growth in strategic areas.
Follow RTT