whytestocks
5 years ago
News: $OI O-I Announces Receipt of Requisite Consents and Expiration of Consent Solicitations Related to Corporate Modernization
PERRYSBURG, Ohio, Dec. 12, 2019 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Owens-Illinois, Inc. (“O-I” or the “Company”) today announced that, according to information provided by D.F. King, as information and tabulation agent, each of Owens-Brockway Glass Co...
In case you are interested OI - O-I Announces Receipt of Requisite Consents and Expiration of Consent Solicitations Related to Corporate Modernization
hellcatjr
13 years ago
(FORM 8Ks in side) - I think the future for OI is looking VERY bright.
Glass containers are GREEN and one of the best ways to store a product. Glass has amazing durability and can be shaped to the needs of the end user. In the end, it is obvious that glass is far more of a viable option then any other options for storing a product.
The company is seeking ways to recycle their own in house wastes to further optimize their business models carbon footprint. OI has continually increased the recycling of cullets to manufacture their products, further reducing their carbon footprint.
There are two fairly important filings that have emerged in the last two days.. The some of the important information within the pdfs are quoted below.
Source: http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8352724
Source: http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8355252
Highlights
· Reported net earnings: O-I reported a full year 2011 loss from continuing operations attributable to the Company of $3.12 per share, compared to earnings of $1.55 per share (diluted) in 2010. Despite higher sales and production volumes in 2011, the Company’s full year 2011 reported earnings were significantly lower due to the impact of several charges that management does not consider representative of ongoing operations. These charges were discussed in earlier quarters and include the Company’s goodwill impairment, asbestos-related costs, and restructuring and asset impairment.
· Adjusted net earnings: Excluding the items not representative of ongoing operations, adjusted net earnings (non-GAAP) were $2.37 per share for full year 2011, compared to $2.60 per share for full year 2010. Fourth quarter 2011 adjusted net earnings were $0.48 per share, compared to $0.45 in the fourth quarter of 2010.
· Higher sales and volume in 2011: Prior year acquisitions and organic growth across most regions drove net revenue higher in full year 2011 as tonnes shipped increased by more than 5 percent. Sales also benefited from favorable pricing and foreign currency translation.
· Free cash flow and leverage ratio: O-I generated $220 million of free cash flow (non-GAAP) from continuing operations for full year 2011. At year end 2011, O-I’s leverage ratio was 2.9 times EBITDA.
· 2012 business outlook: O-I has negotiated higher prices on a significant portion of its annually contracted business. To mitigate the impact of unrecovered 2011 inflation and anticipated inflation in 2012, the Company expects higher global pricing. The Company’s shipments in 2012 should be in line with 2011 levels.
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On January 25, 2012, Owens-Illinois, Inc. (the “Company”) announced the pending retirement of the Company’s Senior Vice President and Chief Financial Officer, Edward C. White. Mr. White plans to retire at the end of the second quarter. Mr. White will be succeeded by Stephen P. Bramlage, Jr., age 41, currently President of the Company’s Asia Pacific operations, effective July 1, 2012.
Mr. Bramlage has been President of the Company’s Oceania operations and President of the Company’s Asia Pacific operations since 2011.
From 2010 to 2011, Mr. Bramlage was General Manager of the Company’s New Zealand operations; from 2008 to 2010, Mr. Bramlage was Vice President of Finance of the Company; in 2008, Mr. Bramlage served as Vice President and Chief Financial Officer of the Company’s European operations; and from 2006 to 2008, Mr. Bramlage was Vice President and Treasurer of the Company.
Before joining the Company, Mr. Bramlage spent five years at PPG Industries, Inc., in Pittsburgh, Pennsylvania. Mr. Bramlage also worked with Eli Lilly & Company in corporate finance and with Ernst & Young LLP as an auditor.
hellcatjr
13 years ago
Additional History:
In 1835, Edward Levis settled in Alton, Illinois, where he married and raised a large family that included seven sons: Edward, George M., John M., Charles, Robert H., Nelson, and Frank. A cabinet maker by trade, Levis became involved in the glass industry in 1873 when he, along with partner William Eliot Smith, purchased the Illinois Glass Company a business that had failed three times before. Levis was willing to invest in the venture on the condition that all of his seven sons receive jobs in the factory. Smith acted as president and sole sales agent, while Levis acted as vice president and production manager.
The company was so successful that within three years the partners needed room to expand. They considered moving across the Mississippi to St. Louis, where it would be easier to acquire raw materials and ship their finished products.
But the city of Alton realized the thriving company was an asset to its own economy, and offered it a site near the river and a railroad right-of-way. Smith and Levis accepted and the business moved to its new home in 1875. In the next thirty years the company's sales grew 36 times over, and the number of employees grew from 60 to 3200.
Edward Levis died in 1903.
When William Eliot Smith died in 1909, control of the business passed to the five remaining Levis sons. Up to this time bottles were still being hand blown using centuries-old labor-intensive methods. But in 1910 the Levis brothers licensed one of Owens's automatic bottle machines and installed it in their Alton plant. Others soon followed, and by 1915 all bottles produced at the Alton plant were made by the Owens machine.
Sales increased dramatically as a result of the mechanized process, and the company continued to grow. By 1928 it had additional plants in Bridgeton, New Jersey; Gas City, Indiana; and Chicago Heights, Illinois; as well as subsidiaries including Tavern Rock Sand Company, Carlyle Paper Company, and Madison Warehouse Company. The Alton plant was the largest individual bottle manufacturing factory in the world.
By the mid-1920s the Owens Bottle Company began looking at Illinois Glass as a potential acquisition. The patents on Owens's machines were nearing expiration, and the company stood to lose substantial revenue from its licensing program.
Illinois Glass was an Owens licensee; had an aggressive and successful sales team; and had modern, well-located facilities; all reasons that made it attractive to the Owens company.
After long negotiations, the two companies merged in 1929, representing the largest merger in the history of the glass industry to date. The Owens-Illinois Glass Company was born, and its headquarters established in Toledo.
In the company's 1929 annual report, officials stated that "the management of the company is exerting itself to the utmost to reflect the advantages of the company's improved position in the higher quality of its products, better service to its customers, and a greater return to its shareholders." The report also notes that significant reductions in the administrative and sales staff were necessary as a result of the merger.
William Boshart was selected president of the new company, and William E. Levis, grandson of the founder of Illinois Glass, was appointed executive vice president and general manager. This was short lived, however, as the Levis family quickly took control. By 1930, Levis was named president, and his cousin, J. Preston Levis, took over management of the Alton plant.
Harold Boeschenstein, who would play an important role in the development of a new industry exploiting glass fibers, was vice president for sales. During William Levis's first decade of leadership of the new company he oversaw an expansion unprecedented in the history of the glass industry.
Source: http://www.utoledo.edu/library/canaday/exhibits/oi/OIExhibit/OwensIllinois.htm
hellcatjr
13 years ago
Brief History:
Owens-Illinois Inc. (NYSE: OI) is a Fortune 500 company that specializes in container glass products. It is one of the world's leading manufacturers of packaging products, holding the position of largest manufacturer of glass containers in North America, South America, Asia-Pacific and Europe (after acquiring BSN Glasspack in 2004). Approximately one of every two glass containers made worldwide is made by O-I, its affiliates, or its licensees.
Source: http://en.wikipedia.org/wiki/Owens-Illinois
Additional Information:
While legally known as Owens-Illinois Inc., the company changed its trade name to O-I in 2005 to group its global operations under a single, cross-language and cross-culture brand name.
Until July 2007, the company was also a worldwide manufacturer of plastics packaging with operations in North America, South America, Asia-Pacific and Europe. Plastics packaging products manufactured by O-I included containers, closures, and prescription containers. In July 2007 O-I completed the sale of its entire plastics packaging business to Rexam PLC, a UK listed packaging manufacturer.
O-I was a part of the Dow Jones Industrial Average from June 1, 1959 until March 12, 1987. The company was added to the Standard & Poor's 500 Index in January 2009. O-I was one of the original S&P 500 companies in 1957. It was removed in 1987 (after purchase by Kohlberg Kravis Roberts), added in 1991 and removed again in 2000.
The company's headquarters were previously located in One SeaGate, Toledo, Ohio, a local landmark. The headquarters were moved in late 2006 to the Levis Commons complex in Perrysburg, Ohio. The company is the successor to the Owens Bottle Machine Co founded in 1903 by Michael Joseph Owens and Edward Drummond Libbey.
In October 2010 Owens-illinois Venezuela C.A: was expropriated by President Hugo Chávez.
Source: http://en.wikipedia.org/wiki/Owens-Illinois
Here is their Mainpage and their Investor Relations as well..
Homepage: http://o-i.com/
Investor Relations: http://o-i.com/investor_relations_main.aspx
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