Australian recycling giant Visy has entered into an agreement to acquire the Australian and New Zealand glass manufacturing business of Owens Illinois (O-I).
The deal, worth almost $1 billion, is one of the biggest manufacturing acquisitions by an Australian-owned business in Australian business history.
Visy would employ 7200 people in manufacturing jobs post acquisition.
Visy executive chairman Anthony Pratt manufacturing has never been more important to Australia’s future.
“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,” he said.
O-I is the largest manufacturer of glass bottles and containers in Australia-New Zealand with factories in Sydney, Melbourne, Brisbane, Adelaide and Auckland.
Visy, which is owned by Anthony Pratt and his two sisters Heloise Waislitz and Fiona Geminder, is one of the world’s largest privately owned recycling and packaging companies.
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.
The final agreement is expected to be completed by the end of July.