Packaging and recycling giant Visy has struck a $1B deal with Owens Illinois’s local glassmaking business, making it one of Australia’s biggest manufacturing acquisitions in business history.
The deal, which was announced by Visy Executive Chairman Anthony Pratt today, is expected to be completed by the end of July and will see the employment of 7200 people in well paying manufacturing jobs post-acquisition.
“Manufacturing has never been more important to Australia’s future,” Mr. Pratt said.
“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.”
O-I is the largest manufacturer of glass bottles and containers in Australia and New Zealand. Under the deal Visy will acquire its factories in Sydney, Melbourne, Brisbane, Adelaide and Auckland.