Publication: The Toledo Times
Toledo, OH, United States
Assets of Muncie
and Toledo Firms
Hemingray Glass Co.
and O'Neill Factory
The Owens-Illinois Glass Co. announced late yesterday that it has entered into contracts for the purchase of the assets and business of the Hemingray Glass Co., Muncie, Ind., manufacturers of glass insulators, and substantially all the assets of the O'Neill Machine Co., of this city.
The announcement of William E. Levis, president of Owens-Illinois, indicated that the company would further enlarge its field by the acquisition of the two companies.
No consideration was announced but it is believed that the deal represents more than a $500,000 commitment.
Indications are the Owens-Illinois Co. will pay in part through its own shares or debentures due to the fact that it took out a dealers' license from the division of securities Tuesday.
The O'Neill Machine Co., which has a plant located at 2042 Hawthorne avenue, and which for many years has been a big factor in the production of glass working machinery, also registered $200,000 of seven per cent cumulative preferred stock and 1,000 shares of class B stock to sell at $20 a share with the division of securities Tuesday.
The company was incorporated in 1912 and Frank O'Neill is president; Wilson M. O'Neill, vice president, and John A. Hova, secretary-treasurer.
For some time the company has been engaged in experimental development of an automatic bottle blowing machine using the vacuum or suction process of drawing glass into molds.
The acquisition of the company settles some patent litigation between the two companies and is expected to strengthen the patent situation of the Owens-Illinois Glass Co., and be the forerunner of further developments in automatic bottle-blowing machines.
The Hemingray Glass Co. at Muncie has for many years specialized in the production of glass insulators and among its customers are many of the principal users of this product for electric, telephone, telegraph and other wiring.
Mr. Levis announced that this new business will become a part of the industrial materials division of the Oweas-Illinois Glass Co., which has recently brought out several new products.
Among the new products is glass wool for air filtering and building insulation. A glass building, now under construction at the Century of Progress exposition in Chicago, will introduce the glass block as a structural and decorative material to the public.
In addition to these new glass products Owens-Illinois is the largest bottle producing concern in the world.
Big demand for beer bottles and cases recently has opened up several of its plants and brought about the increase of its beer case manufacturing facilities.
|Date completed:||August 18, 2009 by: Bob Stahr;|