Owens-Illinois, Inc. today announced that the Company has retained advisors to review strategic options for its plastics packaging business, including a possible sale. For the twelve months ended September 30, 2006, O-I Plastics had revenues of approximately $770 million.
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, household, chemical and personal care industries.
"Our plastics business is a very attractive franchise," said Albert P.L. Stroucken, O-I chairman and chief executive officer. "We are conducting this review to explore ways of maximizing value for our shareholders."
O-I Plastics has plants in the United States, Mexico, Brazil, Hungary, Singapore and Malaysia.
O-I has retained Goldman, Sachs & Co. as its financial advisor on this matter.