O-I Glass Completes Sale-Leaseback of Vernon, CA Property
August 08 2022 - 6:45AM
O-I Glass, Inc. (NYSE: OI) today announced the completion of a sale
and leaseback transaction for its plant located in Vernon,
California. The $181million agreement includes a long-term lease as
well as additional renewal options.
With this sale and leaseback agreement, O-I will have completed
its $1.5 billion Portfolio Optimization program, designed to
re-align the company’s business portfolio, improve Return on
Invested Capital, and fund organic growth, such as the recently
announced new greenfield glass packaging production facility in
Bowling Green, KY, which will leverage the company’s revolutionary
MAGMA technology.
“This sale marks the completion of our $1.5 billion Portfolio
Optimization Program,” said Andres Lopez, O-I Glass CEO. “This
milestone is a key enabler of our Capital Expansion Plan to enable
profitable growth over the next three years, adding much-needed
capacity to address current customer demand and market trends.”
O-I Glass news releases are available on the O-I Glass website
at www.o-i.com.
###
About O-I GlassAt 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 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 24,000
people across 70 plants in 19 countries, O-I achieved net sales of
$6.4 billion in 2021. Learn more about
us: o-i.com / Facebook / Twitter / Instagram / LinkedIn. The
company routinely posts important information on its website
– www.o-i.com/investors.
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 impact of the COVID-19
pandemic and the various governmental, industry and consumer
actions related thereto, (2) the company’s ability to obtain the
benefits it anticipates from 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, and achieving cost savings, (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) the company’s
ability to improve its glass melting technology, known as the MAGMA
program, and implement it within the timeframe expected, (7)
foreign currency fluctuations relative to the U.S. dollar, (8)
changes in capital availability or cost, including interest rate
fluctuations and the ability of the company to refinance debt on
favorable terms, (9) 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, war, civil disturbance or acts of terrorism, natural
disasters, and weather, (10) the company’s ability to generate
sufficient future cash flows to ensure the company’s goodwill is
not impaired, (11) consumer preferences for alternative forms of
packaging, (12) cost and availability of raw materials, labor,
energy and transportation (including impacts related to the current
conflict between Russia and Ukraine), (13) consolidation among
competitors and customers, (14) unanticipated expenditures with
respect to data privacy, environmental, safety and health laws,
(15) unanticipated operational disruptions, including higher
capital spending, (16) the company’s ability to further develop its
sales, marketing and product development capabilities, (17) the
failure of the company’s joint venture partners to meet their
obligations or commit additional capital to the joint venture, (18)
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, (19)
changes in U.S. trade policies, (20) risks related to recycling and
recycled content laws and regulations, (21) 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.
contact:
Chris ManuelVice President of Investor
RelationsChris.Manuel@o-i.com567-336-2600
Stefan WeinmannDirector of Corporate
Communications
Stefan.Weinmann@o-i.com+41786550010
James WoodsPR
LeadJames.Woods@o-i.com 724-732-5748
- O-I Glass Completes Sale-Leaseback of Vernon, CA Property
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