The Nueva Fanal facility, located near Mexico City, Mexico. has four furnaces to produce and supply approximately 300 000 tons of glass containers annually for Grupo Modelo brands, which include Corona, Modelo Especial and Pacifico.

The acquisition is a cash transaction valued at approximately $188 million, subject to customary closing conditions, including competition authority approval, 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.

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