O-I Glass Completes Corporate Modernization, Adopts New Holding Company Structure
December 27 2019 - 6:30AM
FOR IMMEDIATE RELEASE
O-I Glass, Inc. (“O-I Glass” or the “Company”), today announced
the completion of its previously announced Corporate Modernization
and adoption of a new holding company structure.
Pursuant to the Corporate Modernization, all stockholders of
Owens-Illinois, Inc. (“O-I”) became stockholders of O-I Glass, as
each issued and outstanding share of common stock of O-I converted
into an equivalent corresponding share of common stock of O-I
Glass. O-I Glass has replaced O-I as the public company trading on
the New York Stock Exchange under the ticker symbol, “OI,” and has
the same directors, officers and business operations as O-I.
The Company believes that the Corporate Modernization will
improve the Company’s operating efficiency and cost structure,
while ensuring the Company remains well-positioned to address its
legacy liabilities. The Corporate Modernization is intended to be a
tax-free transaction for U.S. federal income tax purposes for the
Company and its stockholders.
About O-I At O-I Glass,
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 78 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.
These forward-looking statements relate to a variety of matters,
including, without limitation, statements regarding the approval,
consummation and potential impact of the Corporate Modernization.
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 that the Company’s future financial performance
may differ from expectations due to a variety of factors including,
but not limited to the following: (1) the potential impact of the
Corporate Modernization on the Company’s branding and business, (2)
the potential costs of the Corporate Modernization, (3) 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 the Company’s legacy liabilities, (4) 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, (5) the
Company’s ability to achieve its strategic plan, (6) foreign
currency fluctuations relative to the U.S. dollar, (7) changes in
capital availability or cost, including interest rate fluctuations
and the ability of the Company to refinance debt at favorable
terms, (8) 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, and changes in tax rates
and laws, (9) the Company’s ability to generate sufficient future
cash flows to ensure the Company’s goodwill is not impaired, (10)
consumer preferences for alternative forms of packaging, (11) cost
and availability of raw materials, labor, energy and
transportation, (12) consolidation among competitors and customers,
(13) unanticipated expenditures with respect to data privacy,
environmental, safety and health laws, (14) unanticipated
operational disruptions, including higher capital spending, (15)
the Company’s ability to further develop its sales, marketing and
product development capabilities, (16) the failure of the Company’s
joint venture partners to meet their obligations or commit
additional capital to the joint venture, (17) 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, (18) 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, 2018 and any subsequently filed Quarterly Reports on Form 10-Q
or the Company’s other filings with the Securities and Exchange
Commission.
For further information, please contact:
Chris Manuel Vice President, Investor Relations 567-336-2600
chris.manuel@o-i.com
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- O-I Glass Completes Corporate Modernization, Adopts New Holding
Company Structure
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