FOR IMMEDIATE RELEASE
For more information,
contact:
Leslie Orozco
Global Communications Leader
Leslie.orozco@o-i.com
O-I Announces a
Significant Investment in Europe to
Meet Customers' Growing Demand for Sustainable Glass
Packaging
Perrysburg, OH (Mar. 11, 2019) - Owens-Illinois, Inc. (NYSE: OI) is announcing a
significant investment in its European glass operation supported by
long-term customer agreements. This investment will enable O-I to
grow in premium segments, increase capability and flexibility, as
well as improve the company's environmental footprint.
O-I will invest more than $60
million to expand its plant in Gironcourt, France. Plans include
building a new furnace for a total of three furnaces at the plant
when the expansion project is completed in early 2020. The
expansion at Gironcourt will focus on the growing premium beer
segment which is highly differentiated and uses unique bottle
shapes to build strong, premium brand equity.
"Our customers recognize that
glass brings unique brand building capabilities. It delivers what
consumers want - premium, healthy and sustainable packaging," said
Andres Lopez, CEO, "The expansion at Gironcourt is an important
part of O-I's investment strategy to support the growing demand for
glass in premium segments."
This expansion supporting organic
growth follows the recent transaction to acquire nearly 50 percent
interest in Empresas Comegua S.A., the leading manufacturer of
glass containers for the Central American and Caribbean markets.
This inorganic growth investment connects the Company's footprint
across the Americas - extending from Canada to Argentina.
O-I is also driving innovation in
the glass segment evidenced by the development of MAGMA, a
revolutionary breakthrough initiative to reimagine glassmaking with
transformational technology and new processes. Additionally, O-I
recently launched O-I : EXPRESSIONS, a direct-to-glass
digital printing technology offering customization at speed, value
and flexible volumes.
###
About
O-I
At Owens-Illinois, Inc. (NYSE:
OI), we love glass and we're proud to make more of it than any
other glass bottle or jar producer in the world. We love that it's
beautiful, pure and completely recyclable. With global headquarters
in Perrysburg, Ohio, we are the preferred partner for many of the
world's leading food and beverage brands. Working hand and hand
with our customers, we give our passion and expertise to make their
bottles iconic and help build their brands around the world. With
more than 26,500 people at 77 plants in 23 countries, O-I has a
global impact, achieving revenues of $6.9 billion in 2018. For more
information, visit o-i.com.
Forward-Looking
Statements
This press release contains
"forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and Section 27A of the Securities Act of 1933.
Forward-looking statements reflect the Company's current
expectations and projections about future events at the time, and
thus involve uncertainty and risk. The words "believe," "expect,"
"anticipate," "will," "could," "would," "should," "may," "plan,"
"estimate," "intend," "predict," "potential," "continue," and the
negatives of these words and other similar expressions generally
identify forward-looking statements.
It is possible the Company's future financial
performance may differ from expectations due to a variety of
factors including, but not limited to the following: (1) foreign
currency fluctuations relative to the U.S. dollar, (2) changes in
capital availability or cost, including interest rate fluctuations
and the ability of the Company to refinance debt at favorable
terms, (3) the general political, economic and competitive
conditions in markets and countries where the Company has
operations, including uncertainties related to economic and social
conditions, disruptions in the supply chain, competitive pricing
pressures, inflation or deflation, and changes in tax rates and
laws, (4) the Company's ability to generate sufficient future cash
flows to ensure the Company's goodwill is not impaired, (5)
consumer preferences for alternative forms of packaging, (6) cost
and availability of raw materials, labor, energy and
transportation, (7) the Company's ability to manage its cost
structure, including its success in implementing restructuring
plans and achieving cost savings, (8) consolidation among
competitors and customers, (9) the Company's ability to acquire
businesses and expand plants, integrate operations of acquired
businesses and achieve expected synergies, (10) unanticipated
expenditures with respect to environmental, safety and health laws,
(11) unanticipated operational disruptions, including higher
capital spending, (12) the Company's ability to further develop its
sales, marketing and product development capabilities, (13) the
failure of the Company's joint venture partners to meet their
obligations or commit additional capital to joint ventures, (14)
the Company's ability to prevent and detect cybersecurity threats
against its information technology systems and comply with data
privacy regulations, (15) the Company's ability to accurately
estimate its total asbestos-related liability or to control the
timing and occurrence of events related to outstanding
asbestos-related claims, including but not limited to settlements
of those claims, (16) changes in U.S. trade policies, (17) the
Company's ability to achieve its strategic plan, and the other risk
factors discussed in the Annual Report on Form 10-K for the year
ended December 31, 2018 and any subsequently filed Annual Report on
Form 10-K, Quarterly Report on Form 10-Q or the Company's other
filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all such
factors. Any forward-looking statements in this document are based
on certain assumptions and analyses made by the Company in light of
its experience and perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance and actual
results or developments may differ materially from expectations.
While the Company continually reviews trends and uncertainties
affecting the Company's results of operations and financial
condition, the Company does not assume any obligation to update or
supplement any particular forward-looking statements contained in
this press release.
O-I Announces Significant
Investment in Europe
O-I_63K_RGB
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Owens-Illinois, Inc. via Globenewswire
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