Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of glass bottle manufacturer Owens-Illinois Inc (NYSE:OI) jumped as much as 11% today after announcing the acquisition of Vitro's food and beverage business.

So what: Owens-Illinois is buying Vitro's leading glass container maker assets, including five plants in Mexico and one in Bolivia for $2.15 billion in cash. The acquisition is expected to add $945 million in revenue and adjusted EBITDA of $278 million plus $30 million in cost synergies annually. Financing for the transaction will be provided by Deutsche Bank and Owens-Illinois expects to lower leverage by paying off debt from acquired free cash flow in coming years.  

Now what:  This is a good strategic move into Latin America and paying just 7.7 times adjusted EBITDA is a decent price in today's market. I think this will prove to be a strong acquisition and this should help push shares of Owens-Illinois should continue to higher long-term.