O-I Elects to Redeem Convertible Preferred Stock
February 29 2008 - 5:13PM
PR Newswire (US)
PERRYSBURG, Ohio, Feb. 29 /PRNewswire-FirstCall/ -- Owens-Illinois,
Inc. (NYSE:OI) today announced that its Board of Directors has
elected to redeem its outstanding convertible preferred stock (par
value $0.01). The redemption date is March 31, 2008. All of the
9,050,000 shares of convertible preferred stock will be redeemed
for the common stock of the Company according to the applicable
certificate of designations. Preferred shareholders that choose not
to convert prior to the redemption date will receive 0.9424 shares
of O-I common stock in exchange for each share of convertible
preferred stock owned. Preferred shareholders' conversion right
will terminate at the close of business on March 28, 2008, one
business day prior to the redemption date. The Company will cease
paying the current 4.75% annual dividend upon the redemption date.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO )
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 83 manufacturing facilities in 22
countries. In 2007, net sales were $7.6 billion. For more
information, visit http://www.o-i.com/.
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO
http://photoarchive.ap.org/ DATASOURCE: Owens-Illinois, Inc.
CONTACT: Media: Lauren Dubilzig, +1-567-336-1312; Investor
Relations: Sasha Sekpeh, +1-567-336-2355, both of Owens-Illinois,
Inc. Web site: http://www.o-i.com/
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