Benzinga | Dec 27, 2021 07:31AM EST

O-I Glass Agrees To Sell Cristar Tableware Business

* O-I Glass Inc (NYSE:OI) agreed to sell Cristar TableTop S.A.S. to Vidros Colombia S.A.S, an affiliate of Brazil-based tableware producer Nadir Figueiredo S.A.

* The company expects the sale to generate gross proceeds of $95 million and close during the first half of 2022.

* The sale of Cristar is consistent with O-I's ongoing portfolio optimization program to exit non-core operations and further advance its core business.

* Outlook: O-I Glass affirmed its previously communicated business outlook, including Q4 adjusted EPS of $0.30 - $0.35 (at October 22, 2021 currency exchange rates).

* Price Action: OI shares closed lower by 0.43% $11.54 on Thursday.