Glass container manufacturer Owens-Illinois (O-I) has purchased a 49.7% stake in Mexico-based Empresas Comegua from Fabricación de Màquinas for a purchase price of $119m.

Prior to any synergies, the total price of the deal is adjusted for net debt and is based on an enterprise value of just under six times the EBITDA of this financial year.

Empresas Comegua produces glass containers for the Central American and Caribbean markets through its two glass manufacturing plants in Costa Rica and Guatemala.

The company offers services across various segments, including food, soft drinks, beer, spirits and pharmaceuticals. It also serves Owens-Illinois’s strategic customers globally.

Owens-Illinois chief executive officer Andres Lopez said: “The Comegua transaction builds off the acquisition of O-I Mexico in 2015 and complements our existing footprint across the Americas, which now extends from Canada to Argentina.

“The Comegua transaction builds off the acquisition of O-I Mexico in 2015 and complements our existing footprint across the Americas.”

“With this move, O-I is expanding into new and growing glass markets in Central America and extending its market presence in the Caribbean.”

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Headquartered in Perrysburg, Ohio, US, Owens-Illinois currently employs more than 26,500 people at 78 plants in 23 countries to offer glass packaging solutions to customers across the food and beverage industries.

Last month, the company reported net sales of $1.7bn for the third quarter ending on 30 September, a 3% decline compared to the same period last year.