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Guinness sells its United Glass shares.

Guinness sells its United Glass shares

Guinness PLC recently announced that it has reached an agreement to sell its 50-percent interest in United Glass Ltd. to Owens-Illinois.

Owens-Illinois, the world's leading glass container manufacturer based in Toledo, OH and an equal partner with Guinness in United Glass, will acquire Guinness' interest in the business. Guinness will retain certain non-glass business assets of United Glass, including a property development site.

Guinness and its bankers confirmed that the proceeds, which include deferred consideration, represent fair market value. The transaction, however, is subject to satisfactory assurances from the Office of Fair Trading.
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Title Annotation:Guinness PLC
Publication:Modern Brewery Age
Date:Oct 2, 1989
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