Owens-Illinois ( OI) surged 7% Friday after hiring Goldman Sachs to shop its plastics packaging business.

The Perrysburg, Ohio, packaging company said the unit comprises the health care packaging and closure-and-specialty-products lines.

O-I Plastics has plants in the U.S., Mexico, Brazil, Hungary, Singapore and Malaysia. Sales for the 12 months ended Sept. 30 were $770 million.

"Our plastics business is a very attractive franchise," said CEO Albert P.L. Stroucken. "We are conducting this review to explore ways of maximizing value for our shareholders."

Shares rose $1.40 early Friday to $21.54.