Owens-Illinois Inc. agreed to buy a Vitro SAB unit that makes glass containers for food and beverages for $2.15 billion to expand in the growing market for food packaging in Mexico.

The transaction has been approved by the boards of directors of both companies, Perrysburg, Ohio-based Owens- Illinois said in a statement today.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.