Owens-Illinois (O-I) said Friday that it will review options for its plastic packaging business and may opt to sell it.
O-I Plastics includes HealthCare Packaging and Closure & Specialty Products. It designs, manufactures and sells plastic packaging solutions for the pharmaceutical, healthcare, food and beverage, household, chemical and personal care industries.
“Our plastics business is a very attractive franchise,” said Albert P. L. Stroucken, O-I chairman and CEO. “We are conducting this review to explore ways of maximizing value for our shareholders.”
This news comes just days after rumors spread about the possible sale of General Electric Co.’s plastics business, a move that analysts suggest could bring in over $10 billion. The Wall Street Journal on Monday said offers for the unit should range between $8 and $10 billion.
