Vitro accepts offer for its Glass Container’s Food and Beverages
division
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Vitro will sell to Owens-Illinois the facilities and operations of its Food and Beverages
Glass Containers business.
Transaction is valued, cash and debt free, at US $2.15 Billion
This transaction will allow Vitro to be more strategically focused and become a stronger
participant in market segments where it will continue operating.
San Pedro Garza García, Nuevo León, May 13, 2015.- Vitro, S.A.B. de C.V. (BMV: VITROA),
leading glass manufacturer in Mexico, announced that today it has signed an agreement with OwensIllinois, Inc. (NYSE: OI) accepting a bid to sell its Food and Beverages Glass Containers business.
The transaction is valued, cash and debt free, at US $2.15 billion. Included in the sale are five Food
and Beverages Glass Container manufacturing plants in Mexico, one plant in Bolivia and the
distribution of such products in the United States.
Assets in connection with Vitro’s Cosmetics, Fragrances and Toiletries (“CFT”) segment, the
Company’s Machinery and Equipment business, as well as its equity participation in the Comegua
joint venture, in Central America, are not included in this transaction.
Commenting on this transaction, Vitro’s Chairman of the Board, Adrian Sada Gonzalez said, "This
transaction confirms the strong commitment of our Company to its shareholders, creditors, employees
and other stakeholders, as we continue to take strategic actions to further increase the value of Vitro.
We are pleased to reach this agreement with Owens-Illinois, a corporation that we admire, respect
and a leader in the Food and Beverages Glass Containers industry".
"This is an important step for Vitro’s consolidation", said Adrian Sada Cueva, CEO of the company,
"we are convinced that this decision will further strengthen our Company, as it will allow us to improve
our financial position and focus on the market segments where we’ll keep participating. We have
taken a very important strategic action which culminates after a thorough and diligent process that
took more than eight months. We are confident that this transaction will offer our employees the
opportunity to join and grow in Owens-Illinois, a great company and highly regarded in the industry”.
“We have long admired Vitro’s business, and this transaction marks an important strategic step for OI in that it allows us to establish a strong position in the attractive glass container segment in Mexico,”
said Al Stroucken, chairman and CEO of O-I. “Vitro’s leading position, long-term customer
relationships and proven record of innovation and new product development will enable us to
capitalize on commercial opportunities in Mexico.”
This transaction allows Vitro to maintain solid financial results and growth opportunities, with
estimated pro forma 2015 sales of $865 million and EBITDA of $165 million after the divestiture.
The transaction is subject to approval from Vitro’s General Shareholder’s Meeting; Federal
Competition Commission and the National Foreign Investment Commission, and in the U.S. from the
Federal Trade Commission.
O-I is the world's largest glass container manufacturer, it employs approximately 21,100 people at 75
plants in 21 countries.
Alfaro, Dávila y Ríos, SC LLP acted as exclusive financial advisor and Cleary Gottlieb Steen &
Hamilton as legal advisor, both for Vitro in this transaction.
-oVitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world’s major
glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey,
Mexico, the company currently has subsidiaries in the Americas, which offer quality products and reliable
services to meet the needs of two different types of business: glass containers and flat glass.
The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially
responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its
employees, providing support to the communities where it has presence, preserving the environment and
favoring an ethical and transparent management. For more information, please visit the website:
http://www.vitro.com.
For further information, please contact:
MEDIA
David H. López García
Vitro, S.A.B. de C.V.
+ 52 (81) 8863-1661
[email protected]
INVESTORS
Jesús N. Medina
Vitro S.A.B. de C.V.
+ 52 (81) 8863-1730
[email protected]
U.S. AGENCY
Kay Breakstone /
Barbara Cano
(646) 452-2332 / 2334
[email protected]
[email protected]