Owens-Illinois (O-I)says it has entered into exclusive negotiations to acquire BSN Glasspack, Europe’s second largest glass container manufacturer, from Glasspack Participations, a company controlled by investment funds advised by CVC Capital Partners Europe.

The total purchase price would be around EUR1.16bn in cash, including debt. The two companies expect to reach an agreement shortly and BSN has initiated trade union consultations, with regulatory approvals expected shortly.

BSN has 19 plants, 40 furnaces and 129 lines Europe-wide, supplying glass containers to the wine and spirit, beverage and food sectors.

Terry Wilkison, BSN interim company ceo, says: “BSN is a well-run company with strong management, excellent production facilities, a history of high quality manufacturing and a strong customer base.

Owens-Illinois is meanwhile conducting a strategic review of its blowmoulded plastic operations.