FOR IMMEDIATE RELEASE
For more information,
contact:
Alexandra Sekpeh
Perrysburg, Ohio, US
(567) 336 5128
Alexandra.Sekpeh@o-i.com
O-I Presents the
Next Phase of Its Transformational Journey; Company Initiates a
Dividend
and Increases Its Share Repurchase Program
Perrysburg, Ohio (November 14, 2018) - Owens-Illinois, Inc. (NYSE:
OI) will host an invitation-only investor day, at 8:30 a.m. Eastern
today in New York City. Andres Lopez, CEO of Owens-Illinois,
will discuss how O-I is delivering on its transformational journey
and highlight strategic priorities for the next three years.
Company leaders will present growth opportunities
and key financial targets, driven by success in O-I's strategic
value platforms:
- Grow & expand - profitably increasing the top
line
- Structural cost improvement - expanding
margins
- Sustainability - driving responsible operations
and products in a cost-effective way
- Breakthrough technology - reimagining
glassmaking
- Capital allocation - increasing cash return to
shareholders
Lopez commented, "We are excited to build on the
stability and capabilities we've established across the O-I
organization over the past several years, delivering on our
operational and financial commitments and building a future on
favorable market trends for glass packaging. This foundation
will enable us to continue to grow and expand the top line and
improve structural costs. As we continue to execute on our
commitment to growing revenue, margins, earnings and cash flow, we
have come together as One Global Enterprise with shared goals and
we are excited for O-I's future."
The Company today announced that it intends to pay
a regular quarterly cash dividend to stockholders. The Board
declared a dividend of $0.05 per share which will be paid on
February 12, 2019 to shareholders of record on the close of
business on January 22, 2019.
"The initiation of a dividend and continuing share
repurchase program demonstrate the Board's confidence in the
Company's strong operating performance, free cash flow generation,
and sustainable long-term financial outlook," said Carol Williams,
Independent Board Chair, Owens-Illinois, Inc.
Also today, O-I announced that the Board has
authorized an increase of the existing share repurchase program for
O-I's common stock to $600 million. With this $313 million
increase, and taking into account repurchases already made under
the existing program, the Company had approximately $600 million in
remaining repurchase authority as of November 1, 2018.
A live webcast of the event will begin at 8:30
a.m. EST and presentation materials will be available on the O-I
website, www.o-i.com/investors, in the Presentations & Webcast
section. A replay of the webcast will be available following the
call.
The Board anticipates declaring a dividend in
future quarters on a regular basis; however, future declarations of
dividends are subject to Board approval and may be adjusted based
on the Company's results of operations, financial position and cash
flow, or as business needs or market conditions change.
Under the repurchase program, repurchases can be
made from time to time using a variety of methods, which may
include open market purchases, privately negotiated transactions,
accelerated share repurchase programs, or otherwise, all in
accordance with the requirements of the Securities and Exchange
Commission and other applicable legal requirements. The specific
timing, price and size of purchases will depend on prevailing stock
prices, general economic and market conditions, and other
considerations. The repurchase program does not obligate the
Company to acquire any particular amount of its common stock, and
the repurchase program may be suspended or discontinued at any time
at the Company's discretion.
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's
largest glass container manufacturer and preferred partner for many
of the world's leading food and beverage brands. The Company
had revenues of $6.9 billion in 2017 and employs more than 26,500
people at 78 plants in 23 countries. With global headquarters
in Perrysburg, Ohio, O-I delivers safe, sustainable, pure, iconic,
brand-building glass packaging to a growing global
marketplace. For more information, visit
www.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 and Section 27A of the Securities Act of 1933.
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 the Company's
future financial performance may differ from expectations due to a
variety of factors including, but not limited to the following: (1)
foreign currency fluctuations relative to the U.S. dollar, (2)
changes in capital availability or cost, including interest rate
fluctuations and the ability of the Company to refinance debt at
favorable terms, (3) 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, and changes
in tax rates and laws, (4) the Company's ability to generate
sufficient future cash flows to ensure the Company's goodwill is
not impaired, (5) consumer preferences for alternative forms of
packaging, (6) cost and availability of raw materials, labor,
energy and transportation, (7) the Company's ability to manage its
cost structure, including its success in implementing restructuring
plans and achieving cost savings, (8) consolidation among
competitors and customers, (9) the Company's ability to acquire
businesses and expand plants, integrate operations of acquired
businesses and achieve expected synergies, (10) unanticipated
expenditures with respect to environmental, safety and health laws,
(11) unanticipated operational disruptions, including higher
capital spending, (12) the Company's ability to further develop its
sales, marketing and product development capabilities, (13) the
failure of the Company's joint venture partners to meet their
obligations or commit additional capital to the joint venture, (14)
the Company's ability to prevent and detect cybersecurity threats
against its information technology systems, (15) the Company's
ability to accurately estimate its total asbestos-related liability
or to control the timing and occurrence of events related to
outstanding asbestos-related claims, including but not limited to
settlements of those claims, (16) changes in U.S. trade policies,
(17) the Company's ability to achieve its strategic plan, and the
other risk factors discussed in the Annual Report on Form 10-K for
the year ended December 31, 2017 and the Company's other filings
with the Securities and Exchange Commission. It is not possible to
foresee or identify all such factors. Any forward-looking
statements in this press release 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 of operations and financial condition, the
Company does not assume any obligation to update or supplement any
particular forward-looking statements contained in this press
release.
This announcement contains inside information
under Regulation (EU) 596/2014 (16 April 2014).
O-I Presents the Next Phase of Its
Transformational Journey
O-I Logo
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Owens-Illinois, Inc. via Globenewswire
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