Owens-Illinois Inc has reached agreement to acquire Nueva Fàbrica Nacional de Vidrio S de RL de CV (Nueva Fanal) from Grupo Modelo, a wholly-owned affiliate of Anheuser-Busch InBev SA/NV. The Nueva Fanal facility is located near Mexico City and features four furnaces to produce approximately 300,000 tons of glass containers annually for Grupo Modelo brands, which include Corona, Modelo Especial and Pacifico. 

The acquisition is valued at approximately $188 million and is expected to close during 2019. O-I expects the business to contribute approximately $140 million of revenue and $40 million EBITDA on an annual basis. Incremental synergies are anticipated. Furthermore, O-I will enter into a long-term agreement to continue to supply Grupo Modelo. 

"The acquisition of Nueva Fanal reflects O-I's strategy to invest in the growth of sustainable glass packaging by partnering with our customers to help enable their growth in premium brands, such as Corona, one of the most popular and fastest growing beer brands globally" said Andres Lopez, Chief Executive Officer, O-I.