TOLEDO, Ohio, Feb. 18 (UPI) -- Glass and plastics maker Owens-Illinois said Wednesday it is in talks to buy Europe's second-largest glass-container maker for about $1.46 billion.
The proposed deal to buy BSN Glasspack of Paris entails a purchase price of $625 million and the assumption of $835 million in debt, the Wall Street Journal reported.
A buyout by the Toledo, Ohio, company would create the largest glass-container maker in Europe, primarily making bottles for wine, spirits and beer.
Though Owens-Illinois is strong in the U.K. and Italian markets, BSN Glasspack will give it a presence in France, Germany and Spain.
Owens-Illinois said the two companies expect to complete an agreement shortly, and the deal could close in the second quarter, assuming regulatory approval.
BSN is owned by Glasspack Participations, a company controlled by funds advised by private equity firm CVC Capital Partners Europe.
With 19 plants and 6,400 employees, BSN last year recorded sales of about $1.6 billion.
For Owens-Illinois, the deal adds heft to a manufacturing operation that spans New Zealand to South America and employs nearly 30,000 workers.
