O-I Glass has completed the sale and leaseback transaction for its plant located in Vernon, California. The $181 million agreement includes a long-term lease as well as additional renewal options.

With this sale and leaseback agreement, O-I will have completed its $1.5 billion Portfolio Optimization programme, designed to re-align the company’s business portfolio, improve Return on Invested Capital, and fund organic growth, such as the recently announced new greenfield glass packaging production facility in Bowling Green, KY, which will leverage the company’s revolutionary MAGMA technology.

“This sale marks the completion of our $1.5 billion Portfolio Optimization Program,” said Andres Lopez, O-I Glass CEO. “This milestone is a key enabler of our Capital Expansion Plan to enable profitable growth over the next three years, adding much-needed capacity to address current customer demand and market trends.”

www.o-i.com

Image: Andres Lopez O-I Glass CEO.