Graham to acquire Owens-Illinois blow-molding business

Graham Packaging, a portfolio company of the Blackstone Group, has signed an agreement to buy the blow-molded plastic container business of Owens-Illinois in North and South America, as well as Europe. The purchase, which will close in the 4th quarter, is expected to cost approximately $1.2 billion at close. Owens-Illinois will use proceeds from the deal to pay down debt.
"Owens-Illinois’ plastics container business is a good match with Graham Packaging in terms of its emphasis on technology, commitment to high quality, and its culture of customer service," said Philip Yates, chairman and CEO of Graham Packaging. "This move gives us industry-leading plants, processes and products."