* Expands its Brazilian capacity by 50 pct
* Boost regional net sales about $200 mln
HOUSTON, Sept 1 Owens Illinois Inc (OI.N) said it bought Brazilian glass container producer Companhia Industrial de Vidros (CIV) for $603 million in an all-cash deal that would expand its capacity in that country by 50 percent.
The acquisition includes two plants that together employ about 1,300 people, the Perrysburg, Ohio-based company said.
The purchase price includes future tax benefits with an estimated present value of $140 million. These tax benefits include federal and state incentives for development in Brazil's northeastern region, Owens Illinois said.
The deal closed Wednesday and is expected to increase regional net sales by about $200 million in the first full year of operation. (Reporting by Anna Driver in Houston; Editing by Tim Dobbyn)