Consumers Packaging To Acquire Glenshaw Glass

Canada's Consumers Packaging Inc., North America's third largest glass container manufacturer, has reached an agreement in principle with G&G Investments Inc., its majority shareholder, to acquire the operating assets and liabilities of Glenshaw Glass Co Inc., a wholly-owned subsidiary of G&G. According to recent press reports, the purchase price of approximately US$54.3m is to be paid in common stock of Consumers Packaging, which will ultimately issue around 7.53m new common shares for this purpose. Based in Pennsylvania, Glenshaw Glass makes glass containers for food and liquor producers.