FOR IMMEDIATE RELEASE
A subsidiary of O-I Glass, Inc. (NYSE: OI)
recently completed a sale and leaseback transaction for a plant
located in Brampton, Ontario for CAD $244 million (approximately
USD $191 million USD).
“This sale is another significant milestone in
our Portfolio Optimization program and builds upon the Colombian
tableware divestiture completed earlier this year. To date, we have
successfully realized approximately $1.3 billion of proceeds toward
our target of $1.5 billion, which we anticipate will be achieved in
the second half of 2022,” said Andres Lopez, O-I Glass CEO.
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,
healthy and completely recyclable; making it the most sustainable
rigid packaging material. Headquartered in Perrysburg, Ohio (USA),
O-I 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 approximately 24,000 people across
70 plants in 19 countries, O-I achieved net sales of $6.4
billion in 2021. Recognizing the tremendous benefits of glass, the
United Nations has designated 2022 as the International Year of
Glass to celebrate the past, present, and future of this
transformative material. Learn more about
us: o-i.com / Facebook / Twitter / Instagram / LinkedIn
Forward-Looking Statements
This press release contains “forward-looking”
statements related to O-I Glass, Inc. (“O-I” or the “company”)
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, as amended. 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 “achieve,” “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
risk that the proposed plan of reorganization (the “Plan”) of
Paddock Enterprises, LLC (“Paddock”) 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, including the Plan, 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
and implement it within the timeframe expected, (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 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 (including impacts related to the
current conflict between Russia and Ukraine), (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, (26) risks related to recycling and
recycled content laws and regulations, (27) risks related to
climate-change and air emissions, including related laws or
regulations and the other risk factors discussed in the company's
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 or operations and financial
condition, the company does not assume any obligation to update or
supplement any particular forward-looking statements contained in
this document.
- O-I Glass Secures $1.3b of $1.5b Portfolio Optimization
Target
For more information, contact:
Chris Manuel, Vice President of Investor Relations
567-336-2600
Chris.Manuel@o-i.com
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