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.
O-I Glass has published its 2024 Sustainability Report Update, revealing substantial advancements towards its sustainability targets. The report underscores innovations that have conserved over 24,400 tons of glass and reduced CO2 emissions by approximately 13,120 tons through lightweighting. Over 100 energy reduction projects have led to a decrease of nearly 34,950 tons of CO2 emissions. Since 2017, O-I has nearly cut its scope 1 & 2 emissions by 20% through renewable energy sourcing, increased recycling, and new furnace technologies. The company established 35 glass packaging collection sites, including four Glass4GoodTM program sites that have saved 800 tons of raw materials and donated $26,100 to United Way. Additionally, 44 closed-loop partnership programs have conserved almost 145,000 tons of glass globally. Through significant investments, including a new facility in Kentucky and technology upgrades in France and Colombia, O-I continues to drive sustainable progress. The full report is available on the O-I website.
O-I Glass and GridBeyond are collaborating to establish an 8MW battery storage system at O-I's Alloa, UK facility.
The system, powered by AI, will enhance energy efficiency, resilience, and sustainability by balancing the grid, reducing peak load, and optimizing renewable electricity usage.
Expected to reduce up to 240 tons of CO2 emissions annually, the battery system will also improve power resiliency by managing voltage dips and preventing equipment outages.
This initiative supports O-I's goal to reduce GHG emissions by 25% by 2030 and aligns with their broader sustainability strategy.
O-I Glass will invest $65 million to electrify and decarbonize its Veauche plant in France, marking a major sustainability initiative. A state-of-the-art hybrid-flex furnace will replace up to 70% of fossil-fuel-based energy with electricity, reducing CO2 emissions by 43% at 50% electricity usage. The plant will also implement a heat recovery system, supplying up to 94% of its heating needs. These improvements align with O-I’s goal to cut greenhouse gas emissions by 25% by 2030. Expected to complete by December 2025, the upgraded plant will lower CO2 emissions by 35% compared to pre-2020 levels while producing 300 million bottles annually.
O-I Glass has developed MOGRA, a mobile glass processing machine that enables efficient recycling of glass packaging. MOGRA can be transported easily and deployed quickly, processing up to 6,000 MT of recycled glass annually. This innovation allows O-I to implement full-service, closed-loop recycling programs, reducing transportation costs and emissions. The system enhances the quality of recycled glass by removing metallic content, contributing to O-I's goal of increasing recycled content in glass packaging to 50%. The initiative supports sustainability by conserving natural resources and lowering energy consumption.
O-I Glass, Inc. (NYSE: OI) announced that its subsidiary, OI European Group B.V. (OIEG), has concluded its tender offer to purchase any and all of its outstanding €500 million (approx. $539 million) 2.875% Senior Notes due 2025. The offer, which expired on May 23, 2024, saw €323.416 million of the notes tendered. The total consideration is €992.50 per €1,000 of principal amount.
Accepted notes will be settled by May 29, 2024. Holders will also receive accrued interest up to, but not including, the settlement date. BNP Paribas acted as the dealer manager for the offer, while D.F. King served as the information and tender agent.
OIEG retains the right to amend or terminate the offer in compliance with applicable laws.
O-I Glass announced the pricing of a private offering by its subsidiary, Owens-Brockway Glass Container (OBGC), for $300 million in senior notes due 2032 at an interest rate of 7.375%. The net proceeds, approximately $297 million after commissions, will go towards redeeming OBGC's outstanding 6.375% senior notes due 2025. The offering will close on May 30, 2024, subject to customary conditions. The notes are unregistered under the U.S. Securities Act and offered to qualified institutional buyers and non-U.S. persons under specific regulations. This announcement is not an offer to sell or buy any securities.
O-I Glass announced that Owens-Brockway Glass Container (OBGC), an indirect subsidiary, plans to offer $300 million in senior notes due 2032, subject to market conditions. The notes will be guaranteed by Owens-Illinois Group and certain U.S. subsidiaries. Proceeds will be used to redeem OBGC’s outstanding 6.375% senior notes due 2025. The offering will be private and to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S. The notes and guarantees are not registered under the U.S. Securities Act and are restricted from being sold in the U.S. without proper exemptions.
O-I Glass, Inc. announced that its subsidiary, OI European Group B.V. (OIEG), has priced a private offering of €500 million in 5.250% senior notes due 2029 at par, up from the previously announced €400 million. The net proceeds, expected to be €494 million, will be used to repurchase OIEG’s outstanding 2.875% senior notes due 2025 through a tender offer or other redemption methods. The offering is expected to close on May 28, 2024, pending customary conditions. The notes are offered only to qualified institutional buyers and certain non-U.S. persons.
O-I Glass has completed the full allocation of proceeds from its second round of Green Bond offerings, totaling $690 million and €600 million, to advance its climate-change strategy. The funds were directed to Eligible Green Projects, including renewable energy, energy efficiency, sustainable water management, and eco-friendly production technologies. The initiative aims to cut CO2 emissions, reduce energy consumption, and preserve natural resources. Notable projects include MAGMA technology, improvements at the Zipaquirá Colombian plant, and the GOAT furnace in France. Sustainalytics provided a favorable second-party opinion on the environmental impact and credibility of the projects.
O-I Glass' subsidiary, OI European Group B.V., announced a €400 million senior notes offering, due 2029. Proceeds from the offering, alongside cash on hand, will be used to repurchase outstanding €500 million 2.875% senior notes due 2025. Excess funds, if any, might be allocated to general corporate purposes. The notes and guarantees are not registered under U.S. securities laws and are being offered only to qualified institutional investors and non-U.S. persons outside the United States.
FAQ
What is the current stock price of O-I Glass (OI)?
What is the market cap of O-I Glass (OI)?
What does O-I Glass, Inc. specialize in?
Where is O-I Glass, Inc. headquartered?
How many employees does O-I Glass, Inc. have?
What are some of O-I Glass, Inc.'s sustainability initiatives?
How does O-I Glass, Inc. contribute to reducing environmental impact?
What are some recent financial moves by O-I Glass, Inc.?
What markets are most significant for O-I Glass, Inc.?
What are O-I Glass, Inc.'s primary products?
What is the MAGMA program?
How does O-I Glass, Inc. support community development?
