Owens-Illinois enters arbitration on overtaken plants
9/29/2011Owens-Illinois Inc. has entered arbitration to seek payment for two plants expropriated by Venezuela's government last fall.
Perrysburg-based O-I said it is working with the International Centre for Settlement of Investment Disputes to negotiate payment for its former plants in Los Guayos, about 100 miles west of Caracas, and Valera, about 300 miles west of the Venezuelan capital. Venezuelan officials seized the glass bottle-manufacturing plants in October.
O-I's Dutch subsidiary, OI European Group BV, is leading the firm's negotiations because it owned a portion of O-I's operations in Venezuela, a spokesman said yesterday.