Consumers Packaging Completes Acquisition of Glenshaw Glass

Consumers Packaging Inc. (Toronto), North America's third largest glass container manufacturer, has completed the acquisition of Glenshaw Glass Co., a single-plant affiliate located in Pennsylvania. In a transaction valued at US$54 million, Consumers Packaging paid for the acquisition with an interest in a subsidiary, exchangeable for 7.525 million shares of Consumers common stock. Glenshaw is owned indirectly by Pittsburgh-based G&G Investments, Consumers Packaging's majority shareholder.

"Consolidating Glenshaw with Consumers Packaging increases operational efficiency and simplifies investment accountability," said John Ghaznavi, chairman of Consumers Packaging and G&G Investments. "It's also a step towards having all of G&G's packaging assets owned by publicly traded Consumers Packaging.

Consumers Packaging Inc. commands 85% of the Canadian glass container market and operates the only ISO 9001 certified glass container manufacturing plants in North America.