Welcome to our dedicated page for O-I Glass news (Ticker: OI), a resource for investors and traders seeking the latest updates and insights on O-I Glass stock.
O-I Glass, Inc. (NYSE: OI) is recognized as the world's largest glass container manufacturer and is a preferred partner for many leading food and beverage brands. Headquartered in Perrysburg, Ohio, O-I delivers safe, sustainable, and iconic glass packaging solutions across the globe. With revenues of $7.1 billion in 2023, O-I employs approximately 23,000 people across 68 plants in 19 countries.
O-I’s core business revolves around producing high-quality glass bottles and jars for various markets, including beer, wine, soda, spirits, condiments, and food. The company boasts significant market presence in Europe, North America, and Brazil, with 70% of its revenue generated from outside the United States.
Among O-I's notable projects, the company was recently selected by the U.S. Department of Energy to begin award negotiations for up to $125 million in funding under the Industrial Demonstrations Program. This initiative is part of a broader effort to demonstrate commercial-scale decarbonization solutions to move energy-intensive industries toward net-zero emissions.
O-I Glass continuously invests in sustainability and innovation, exemplified by the recent introduction of returnable, reusable glass wine bottles in partnership with Revino. This initiative aims to enhance the sustainability of wine packaging by locally producing over 2.4 million reusable bottles for a return system, starting in Oregon.
Financially, O-I is robust, recently completing a $300 million private offering of senior notes due 2032. The proceeds will be utilized to redeem existing senior notes, thereby optimizing the company's debt structure.
Additionally, O-I’s commitment to sustainability is evident in its significant investments in plant upgrades. A notable example is the $120 million transformation of its Zipaquira, Colombia plant, which includes the installation of advanced furnace technology aimed at increasing flexibility, productivity, and reducing CO2 emissions.
O-I Glass’s dedication to innovation is further highlighted by their Modular Advanced Glass Manufacturing Asset (MAGMA) program, which aims to revolutionize glass melting technology. The company is also actively engaged in improving its environmental footprint, targeting a 25% reduction in greenhouse gas emissions by 2030.
Overall, O-I Glass, Inc. remains a stalwart in the glass manufacturing industry, continually pushing the boundaries of sustainability and innovation while maintaining strong financial health and strategic market presence.
Paddock Enterprises, LLC, a subsidiary of O-I Glass, has received approval from the United States Bankruptcy Court for its disclosure statement related to a Plan of Reorganization aimed at resolving all asbestos claims against it. This plan, which includes the creation of an Asbestos Trust with $610 million, seeks to protect O-I Glass and its affiliates from future asbestos claims. A confirmation hearing for the Plan is set for May 16, 2022, with hopes for Paddock to emerge from Chapter 11 soon after. This marks a significant step towards addressing legacy liabilities.
O-I Glass, Inc. (NYSE: OI) announced that its subsidiary, Owens-Brockway Glass Container Inc., has launched a cash tender offer for up to $250 million of its senior notes. This includes 5.875% notes due 2023, 6.625% notes due 2027, and others due in 2025. The offer has specific caps: $150 million for the 2023 notes and $100 million for the 2027 notes. The early tender deadline is set for February 24, 2022, and the offer will expire on March 10, 2022, unless extended. Holders must review the Offer to Purchase for detailed terms.
O-I Glass reported strong financial results for 2021, exceeding previous guidance. Full-year adjusted earnings per share reached $1.83, surpassing the forecast and reflecting a 50% increase from 2020. The company's segment operating profit rose 22% to $827 million, driven by a 5.3% shipment increase. Cash provided by operations was $680 million, leading to a significant debt reduction to $4.1 billion. For 2022, O-I anticipates adjusted earnings between $1.85 and $2.00 per share, bolstered by demand for sustainable packaging and ongoing margin expansion initiatives.
O-I Glass, Inc. announced its subsidiary, Paddock Enterprises, filed a Plan of Reorganization under Chapter 11 bankruptcy on January 6, 2020. This plan aims to resolve all asbestos personal injury claims through a trust funded with $610 million upon court approval. CEO Andres Lopez expressed optimism about the plan, which is expected to provide closure for O-I Glass and Paddock. A hearing for the approval of the disclosure statement is set for February 16, 2022, with a confirmation hearing anticipated in the second quarter of 2022.
O-I Glass, Inc. (NYSE: OI) has announced its full year and fourth quarter 2021 earnings conference call scheduled for February 2, 2022, at 8 a.m. EST. The earnings news release will be issued after market close on February 1, 2022. Interested participants can join via conference call by dialing provided numbers or access the webcast through the company’s investor relations website. O-I Glass is a leading global producer of glass packaging, achieving revenues of $6.1 billion in 2020, highlighting its commitment to innovation and sustainability.
O-I Glass announced the sale of Cristar TableTop S.A.S. to Vidros Colombia S.A.S. for approximately $95 million. The deal is expected to close in the first half of 2022 and aligns with the company's strategy to optimize its portfolio by exiting non-core operations. Cristar generated about $14.6 million in EBITDA over the past year. Proceeds will help fund up to $680 million in growth opportunities by 2024. O-I also reaffirmed its fourth quarter 2021 adjusted earnings outlook of $0.30 to $0.35 per share.
O-I Glass, Inc. (NYSE: OI) will participate in The Citi’s 2021 Basic Materials Virtual Conference on November 30, 2021, at 8:45 a.m. ET. CEO Andres Lopez and CFO John Haudrich will present during the conference. A live webcast can be accessed via this link, with a replay available within 24 hours and archived for 90 days. Presentation slides will be posted on the company's website after market close on November 29.
O-I Glass, Inc. has fully allocated the net proceeds of EUR 500 million from its Green Bond, issued by its subsidiary OI European Group B.V. This funding focuses on enhancing sustainability through cullet procurement, investments in low-emission technologies, and projects aimed at reducing greenhouse gas emissions. Key achievements include saving 3.2 million metric tons of CO2 and conserving significant amounts of energy and natural resources. The firm aims to lead in sustainable packaging while enhancing environmental responsibility.
O-I Glass, Inc. has announced a private offering of $400 million in senior notes due 2030 by its wholly owned subsidiary, OI European Group B.V. The offering aims to redeem existing senior notes due 2023 and repay part of the term loan A facility. The offer is targeted at eligible institutional buyers under U.S. securities regulations. The notes will not be registered under the Securities Act and are subject to specific exemptions for sale. This move is intended to optimize the company's capital structure and support its financial stability.
O-I Glass, Inc. (NYSE: OI) reported robust third-quarter results, exceeding earnings expectations with $0.58 adjusted earnings per share, higher than the company’s guidance of $0.47-$0.52. Despite slightly lower shipments due to supply chain disruptions, segment operating profit rose to $243 million from $204 million year-over-year. The company announced a planned sale of its Le Parfait brand to a subsidiary of Berlin Packaging for approximately €72 million, which will enhance financial flexibility. The full-year outlook has been raised to $1.77-$1.82 per share.
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