The tableware produced at Cristar’s Buga manufacturing facility in Colombia is exported to around 40 countries around the world

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Vidros Colombia has agreed to acquire O-I Glass’ Cristar tableware business. (Credit: O-I Glass, Inc. )

Nadir Figueiredo’s affiliate Vidros Colombia has agreed to acquire Cristar TableTop from an affiliate of O-I Glass in a deal valued at around $95m.

Cristar operates a tableware manufacturing facility in Buga of Colombia. The tableware produced at the facility is exported to around 40 countries around the world.

The business reported around $14.6m of EBITDA during the one year ended on 30 September this year.

O-I stated that the divestment of Cristar is part of the company’s ongoing portfolio optimisation programme to exit non-core operations and further accelerate its core business.

The company will use the proceeds from the deal to reduce its debt, in addition to redeploying to help fund up to $680m of growth opportunities by 2024 including the firm’s Magma innovation.

O-I Glass CEO Andres Lopez said: “O-I continues to advance its strategy including the company’s portfolio optimisation programme which will enable future growth in the core business.

“We are deploying proceeds from the sale of non-core assets to help fund our expansion plan, leveraging our exciting new MAGMA solution, that includes investment with attractive returns.”

Subject to customary regulatory approvals and other closing conditions, the deal is expected to be completed in the first half of next year.

Under the $1.5bn portfolio optimisation programme, O-I has entered into sales agreements that worth up to $1.1bn. It also covers the current deal.

The company intends to complete the current programme before its original 2024 target.

The expansion plans of the company consist of an earlier announced $100m at its facility in Zipaquirá of Colombia.

In July last year, packaging and resource recovery company Visy Industries agreed to acquire the Australia and New Zealand (ANZ) business unit from O-I Glass for A$733m ($513m).