O-I Sells To Buy

Owens-Illinois has been cleared to buy the European glassmaker BSN Glasspack, provided it sells factories at Corsico in Italy and Barcelona in Spain. Until the plants are sold they will be held separately from O-I's assets and will be managed under the supervision of an independent trustee. The deal is expected to cost O-I $1,400M including the assumption of debt. Meanwhile, in the US, O-I has begun construction of its new bottle plant in Colorado. Production is expected to start at the 450,000 sq ft site in September 2005. (whole item)