Acquisition Of Tianjin New World Glass Containers By O-I

O-I recently announced that it has acquired the business and assets of Tianjin New World Glass Container Co Ltd of China, for around US$9M. The new company will conduct business as O-I Tianjin Glass Co Ltd. The acquisition is structured to be operated as a joint venture in which OI holds 95% equity interest with the remaining 5% held by Tianjin Shi Fa Group, a subsidiary of the local government's light industry bureau. OI Tianjin Glass operations are located in Tianjin, approximately 75 miles south-east of Beijing. The plant, which employs 200 people, contains a single glass furnace and two container forming machines and has capacity for 65,000/tpa. The plant produces containers for beers and wines. (whole item)