PERRYSBURG, Ohio, Oct. 26 /PRNewswire-FirstCall/ --
Owens-Illinois, Inc. (NYSE: OI),
the world's largest maker of glass packaging, learned last night of
the Chavez administration's intention to expropriate O-I's
operations in Venezuela. The
company was surprised to learn of this decision.
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"As of this morning, we have not heard directly from the
government," said Al Stroucken, O-I Chairman and CEO. "We learned
the news as many others did, through television reports. We're
prepared to work with government officials to better understand the
situation. In the meantime, we're focused on continuing safe
operations in the interests of our people and our customers."
O-I has been supplying glass food and beverage containers to
meet the needs of the Venezuelan people for more than 50 years. The
company's two plants, located in Los Guayos and Valera, employ more
than 1000 people and represent less than 5 percent of our global
segment operating profit.
Production at both plants continues uninterrupted at this time,
and the company remains committed to complying with all laws and
regulations. The company is monitoring the emerging situation and
will provide updates as appropriate.
About O-I
Millions of times a day, O-I glass containers deliver many of
the world's best-known consumer products to people all around the
world. With the leading position in Europe, North
America, Asia Pacific and
Latin America, O-I manufactures
consumer-preferred, 100 percent recyclable glass containers that
enable superior taste, purity, visual appeal and value benefits for
our customers' products. Established in 1903, the company employs
more than 22,000 people with 78 plants in 22 countries. In 2009,
net sales were $7.1 billion. For more
information, visit www.o-i.com.
SOURCE Owens-Illinois, Inc.
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