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Lee Container to Open a Third
Manufacturing Facility in the Midwest
Homerville, Georgia, November 26th, 2007 – On November
21, 2007 Lee Container completed the purchase of the former Rubbermaid
manufacturing facility in Centerville, Iowa. According to Robert Varnedoe,
EVP for Lee Container, “Lee Container is opening the new manufacturing
facility in the Midwest to better serve customers in the region”. Lee
Container anticipates being in production during the second quarter of
2008.
For more information about Lee Container Corporation, visit our web site
at www.leecontainer.com or call Robert Varnedoe or David Taylor at (800)
887-3632.
O-I to Sell Plastics Packaging Business to Rexam PLC
PERRYSBURG, Ohio –- June 11, 2007 – Owens-Illinois,
Inc., (NYSE: OI) today announced that the Company concluded the strategic
review process of its plastics portfolio and has entered into a definitive
agreement with Rexam PLC 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. For the
twelve months ended December 31, 2006, O-I Plastics had revenues of approximately
$760 million.
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. O-I intends to
use the majority of the sale proceeds to reduce senior secured debt maturing
in 2009, 2011 and 2012. As a result of existing tax loss carryforwards,
O-I expects to have only minimal federal cash tax liability from the sale
transaction.
“I am pleased with the outcome of our strategic review process and
am extremely confident that O-I’s Plastics business will be in very
good hands,” said Al Stroucken, O-I chairman and chief executive
officer. “This sale and the subsequent debt reduction will give
us greater operating flexibility and allow us to better focus resources
to improve our core glass business.”
O-I Plastics, comprised of HealthCare Packaging and Closure & Specialty
Products, is an innovation and technological leader in the fields of healthcare
packaging and specialty closure systems in the U.S. The Company is a pioneer
in the design, manufacture and sale of plastic packaging solutions for
companies in the pharmaceutical, healthcare, food and beverage, personal
care, household and automotive industries. O-I Plastics has approximately
2,800 employees in 19 plants in the United States (including Puerto Rico),
Mexico, Brazil, Hungary, Singapore and Malaysia with a headquarters and
technical development center in Perrysburg, Ohio.
Goldman, Sachs & Co. is acting as exclusive financial advisor to O-I
and Simpson Thacher & Bartlett LLP is acting as exclusive legal advisor
to O-I.
About O-I
Millions of times a day, O-I glass containers, healthcare packaging and
specialty closure systems deliver many of the world's best-known consumer
products to people all around the world. With leading positions in Europe,
North America, Asia Pacific and Latin America, O-I provides consumer-preferred
products that enable superior taste, purity, visual appeal and value benefits
for our customers’ products. Established in 1903, the company employs
more than 28,000 people and has 100 manufacturing facilities in 23 countries.
In 2006, net sales were $7.4 billion. For more information, visit http://www.o-i.com.
Contact: Owens-Illinois, Inc., Kelley Yoder, +1 567 336-1388.
Copies of O-I news releases are available at the O-I Web site at www.o-i.com;
or at www.prnewswire.com.
Send all press release entries to Brenda Baker at the PPC Office at PPC@ATDmanagement.com
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2008 Spring Meeting
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