Visy Executive Chairman, Anthony Pratt announced that Visy had entered into a definitive agreement to acquire the Australian and New Zealand glass manufacturing business of Owens Illinois (O-I) in a deal worth almost A$1 billion.
The deal, which is expected to be completed by the end of July, is one of the biggest manufacturing acquisitions by an Australian owned business in Australian business history.
Mr Pratt said “manufacturing has never been more important to Australia’s future.”
Visy - which is owned by Anthony Pratt and his two sisters Heloise Waislitz and Fiona Geminder - is already one of the world’s largest privately owned recycling and packaging companies.
Post acquisition, Visy would employ 7200 people in well paying manufacturing jobs.
“And importantly we will bring Visy’s sustainability culture to O-I, aiming to increase recycled content of glass bottles from 1/3 to 2/3,” said Mr Pratt.
Visy is committed to investing in creating sustainable packaging solutions for a better world. The addition of glass manufacturing to Visy’s portfolio is in line with the company’s long-term strategy of creating local manufacturing job opportunities and supporting local communities.
O-I is the largest manufacturer of glass bottles and containers in Australia-New Zealand with factories in Sydney, Melbourne, Brisbane, Adelaide and Auckland.
We would like to acknowledge the contributions of Deutsche Bank who acted as an investment bank advisor, Deloitte for Tax and Accounting advice and Minter Ellison for legal advice.
Notícias sobre o material do site é copyright e pertence à empresa ou ao seu fornecedor de terceiros notícia, e todos os direitos reservados. Qualquer usuário que acessa esse material poderá fazê-lo apenas para seu próprio uso pessoal, bem como a utilização desse material é de risco exclusivo do Utilizador. A redistribuição ou exploração comercial de material tal notícia é expressamente proibida. Se tal notícia material é fornecido por um terceiro, cada utilizador concorda em observar e estar vinculado aos termos específicos de utilização aplicáveis a material notícia. Nós não representamos nem endossamos a precisão ou confiabilidade de qualquer informação contida em qualquer notícia ou sites externos referidos na notícia.
Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.