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Article: Owens-Illinois selling specialty closures biz.
- Article from:
- Plastics News
- Article date:
- October 27, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joseph Pryweller
An air of intrigue surrounds packaging giant Owens-Illinois Inc. with the announcement of the sale of its specialty closures business and the intention of its largest shareholder group to sell its ownership stake.
For the former, officials with Toledo, Ohio-based O-I said they have reached an agreement in principle to sell assets related to the production of plastic trigger sprayers and finger-pump closures. The sale, expected to close in the fourth quarter, will bring O-I proceeds of $50 million.
The company declined to name the buyer, said spokeswoman Sara Theis. The sale agreement promised confidentiality, at least ...