The Nueva Fanal facility is located near Mexico City, Mexico. Currently, this plant has four furnaces to produce and supply approximately 300,000 tons of glass containers annually for Grupo Modelo brands serving the local and global export markets.
O-I expects the business to contribute approximately $140 million of revenue and $40 million EBITDA on an annual basis. Further, O-I has entered into a long-term agreement to continue to supply glass to Grupo Modelo.
“In acquiring Nueva Fanal, O-I continues to execute its strategy of investing in the growth of sustainable glass packaging, specifically premium brands, such as Corona, one the most popular and fastest growing beer brands globally,” said Andres Lopez, Chief Executive Officer, O-I.
The transaction has received the relevant regulatory approvals in Mexico.