Owens - Illinois Inc. to Sell Plastic Packaging Business

O-I to sell plastics packaging business to Rexam PLC for approx $1.8 billion
Owens-Illinois Inc (Perrysburg, OH) announced that the Company concluded the strategic review process of its plastics portfolio and has entered into a definitive agreement with Rexam PLC (London) to sell its plastics packaging business. Total consideration for the business (including tax basis step-up) will be approximately $1.825 billion, to be paid in cash at closing. The transaction, which has been approved by the board of directors of both Rexam and O-I, is expected to close early in the third quarter, subject to regulatory approvals and Rexam shareholder approval. For more information, visit www.o-i.com.