Owens-Illinois announces agreement to acquire glass container assets

Business Wire, Dec 12, 1996

TOLEDO, Ohio--(BUSINESS WIRE)--Dec. 12, 1996--Owens-Illinois, Inc., (NYSE:OI) today announced that it has agreed to acquire certain assets of Anchor Glass Container Corporation for approximately $125 million plus the assumption of certain liabilities. Owens-Illinois will acquire Anchor's glass container manufacturing plants in Antioch and Hayward, Calif., and will assume Anchor's contractual agreements with Coors Brewing Company including a partnership interest in the Rocky Mountain Bottle Company.

The agreement is part of a joint bid by Consumers Packaging Inc. and Owens-Illinois, under which Consumers would purchase the majority of Anchor's assets.

Anchor has filed for protection under Chapter 11 of the United States Bankruptcy Code. Completion of the proposed acquisition is contingent upon approval by the United States Bankruptcy Court in Wilmington, Delaware, the negotiation of definitive agreements, and the satisfaction of certain conditions.

Owens-Illinois also has agreed to provide its glass container manufacturing technology to Consumers Packaging operations in the United States and Canada, including those being purchased from Anchor, subject to the completion of an agreement with Consumers.

Owens-Illinois is one of the world's leading manufacturers of glass and plastic packaging products. In addition to being the largest manufacturer of glass containers in the United States, the company also has major international glass container and plastic packaging units, each with annual sales exceeding $1 billion. Owens-Illinois had net sales of $3.8 billion in 1995.

CONTACT: Owens-Illinois

John Hoff, 419/247-1203