Perrysburg's Owens-Illinois to buy Mexican glass supplier for $2.15 billion

Owens-Illinois Inc. is buying Mexican glass container supplier Vitro, S.A.B. de C.V. for $2.15 billion in an all-cash deal that helps build its stake in that country’s packaging market.

O-I, based in Perrysburg, said today the deal has been approved by both companies’ boards, but shareholders still need to vote on it. The company said it expects the deal to close within a year.

Vitro is the largest glass container supplier in Mexico. The firm owns five plants in Mexico and one in Bolivia, which employ 4,700.

The acquired business is expected to generate estimated annual revenue of $945 million for O-I.

The local Fortune 500 firm said the purchase should begin to help its earnings in the first year after it closes.