FOR IMMEDIATE RELEASE
O-I Glass, Inc. (the “Company” or “O-I Glass”)
(NYSE: OI) today announced the appointment of John H. Walker as
Independent Chair of the Board of Directors of O-I Glass (the
“Board”). Carol A. Williams is stepping down from her role as
Chair, consistent with the Board’s long-term succession planning,
and will continue to serve on the Board.
Andres A. Lopez, CEO of O-I Glass, said, “On
behalf of the Board and our management team, I want to thank Carol
for her tireless dedication to the Board and to the Company. Under
her leadership as Chair, the Company has advanced its bold plan to
change its business fundamentals. Her leadership was instrumental
in removing constraints of the past including the recent
agreement-in-principle of a potential plan of reorganization for
Paddock Enterprises, LLC, the Company’s wholly owned subsidiary
holding legacy asbestos liabilities. At the same time, the Company
is moving forward with breakthrough innovations like MAGMA. Her
contributions have been integral to our success, and I look forward
to continuing our productive relationship in the years to
come.”
“John has made significant contributions to our
Board over the last two years. I appreciate his active engagement
to assist the Board and management as we advance MAGMA and other
breakthrough technologies that will enable a new business model for
glass in the future. In particular, John has extensive experience
with similar business transformations, as well as implementing
disruptive new technology in the steel industry,” said Lopez. “I am
excited to work with him in his new role as our Board Chair as we
usher in a new period of prosperity for O-I Glass.”
In addition to serving on our Board, Walker has
served on the board of directors of Nucor Corporation since 2008
and as its non-executive chairman since 2020, as well as the board
of directors of Otis Worldwide Corporation since 2020. Walker was
previously the non-executive chairman of Global Brass and Copper
Holdings, Inc. from March 2014 to August 2019. He previously served
as its executive chairman from November 2013 to March 2014, and its
chief executive officer and a director from 2007 to 2014. Walker
also served as a director of United Continental Holdings, Inc. from
2002 to 2016.
O-I Glass news releases are available on the O-I
Glass website at www.o-i.com.
About O-I Glass
At O-I Glass, Inc. (NYSE: OI), we love glass and
we’re proud to be one of the leading producers of glass bottles and
jars around the globe. Glass is not only beautiful, it’s also pure
and completely recyclable, making it the most sustainable rigid
packaging material. Headquartered in Perrysburg, Ohio (USA), O-I
Glass is the preferred partner for many of the world’s leading food
and beverage brands. We innovate in line with customers’ needs to
create iconic packaging that builds brands around the world. Led by
our diverse team of more than 25,000
people across 72 plants in 20 countries, O-I Glass
achieved revenues of $6.1 billion in 2020.
Learn more about
us: o-i.com / Facebook / Twitter / Instagram / LinkedIn
Forward-Looking Statements
This press release contains “forward-looking”
statements related to the Company within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, and Section 27A
of the Securities Act of 1933, as amended. Forward-looking
statements reflect the Company’s current expectations and
projections about future events at the time and involve uncertainty
and risk. The words “believe,” “will,” “could,” “would,” “plan,”
“potential,” and the negatives of these words and other similar
expressions generally identify forward-looking statements.
It is possible that actual results may differ
from expectations due to a variety of factors including, but not
limited to, the following: (1) the risk that the proposed plan of
reorganization may not be approved by the bankruptcy court or that
other conditions necessary to implement the agreement in principle
may not be satisfied, (2) the actions and decisions of participants
in the bankruptcy proceeding, and the actions and decisions of
third parties, including regulators, that may have an interest in
the bankruptcy proceedings, (3) the terms and conditions of any
reorganization plan that may ultimately be approved by the
bankruptcy court, (4) delays in the confirmation or consummation of
a plan of reorganization due to factors beyond the Company’s and
Paddock’s control, (5) risks with respect to the receipt of the
consents necessary to effect the reorganization, (6) risks inherent
in, and potentially adverse developments related to, the bankruptcy
proceeding, that could adversely affect the Company and the
Company’s liquidity or results of operations, (7) the impact of the
COVID-19 pandemic and the various governmental, industry and
consumer actions related thereto, (8) the Company’s ability to
obtain the benefits it anticipates from the corporate
modernization, (9) the Company’s ability to manage its cost
structure, including its success in implementing restructuring or
other plans aimed at improving the Company’s operating efficiency
and working capital management, achieving cost savings, and
remaining well-positioned to address Paddock’s legacy liabilities,
(10) the Company’s ability to acquire or divest businesses, acquire
and expand plants, integrate operations of acquired businesses and
achieve expected benefits from acquisitions, divestitures or
expansions, (11) the Company’s ability to achieve its strategic
plan, (12) the Company’s ability to improve its glass melting
technology, known as the MAGMA program, (13) foreign currency
fluctuations relative to the U.S. dollar, (14) changes in capital
availability or cost, including interest rate fluctuations and the
ability of the Company to refinance debt on favorable terms, (15)
the general political, economic and competitive conditions in
markets and countries where the Company has operations, including
uncertainties related to Brexit, economic and social conditions,
disruptions in the supply chain, competitive pricing pressures,
inflation or deflation, changes in tax rates and laws, natural
disasters, and weather, (16) the Company’s ability to generate
sufficient future cash flows to ensure the Company’s goodwill is
not impaired, (17) consumer preferences for alternative forms of
packaging, (18) cost and availability of raw materials, labor,
energy and transportation, (19) consolidation among competitors and
customers, (20) unanticipated expenditures with respect to data
privacy, environmental, safety and health laws, (21) unanticipated
operational disruptions, including higher capital spending, (22)
the Company’s ability to further develop its sales, marketing and
product development capabilities, (23) the failure of the Company’s
joint venture partners to meet their obligations or commit
additional capital to the joint venture, (24) the ability of the
Company and the third parties on which it relies for
information technology system support to prevent and detect
security breaches related to cybersecurity and data privacy, (25)
changes in U.S. trade policies, and the other risk factors
discussed in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2020 and any subsequently filed Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other
filings with the Securities and Exchange Commission.
- John H. Walker Appointed Chair of O-I Glass Board of
Directors
For more information, contact:
Chris Manuel
Vice President of Investor Relations
567-336-2600
Chris.Manuel@o-i.com
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