PERRYSBURG, Ohio, Oct. 28 /PRNewswire-FirstCall/ -- In a meeting
with the ministry of Science and Technology in Caracas yesterday evening, Owens-Illinois, Inc. (NYSE: OI) was informed of the
government's plans to transition management of the company's
operations to government control. At approximately 9 a.m. today, local time, government officials
intend to arrive at O-I's plants in Los Guayos and Valera to begin
the transition process. At this time, no agreement has been reached
between the government and the company.
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"Although we have not reached an agreement with the government,
we will comply with the laws and directives we have been given. The
safety and well-being of our employees is of the utmost importance
to us," said Al Stroucken, O-I Chairman and CEO. "Glassmaking is a
highly specialized, complex and technical industry, and we are
concerned by government plans to manage the operations without
having the appropriate level of expertise. We also are concerned
about the continuity of supply to customers in critical segments
like food and beverage."
O-I is fully cooperating with the Venezuelan government
throughout the transition and remains committed to complying with
all laws and regulations, including environmental and safety
rules.
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 24,000 people with 81 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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