O-I Glass Inc Stock Price, News & Analysis

Paddock Enterprises, LLC, a subsidiary of O-I Glass, has confirmed its Plan of Reorganization through a U.S. Bankruptcy Court order, paving the way for its exit from Chapter 11 bankruptcy. Over 99% of asbestos claimants supported the Plan, which establishes a trust funded with $610 million to settle asbestos claims. This Plan aims to resolve Paddock's legacy liabilities, and the company expects to emerge from bankruptcy in mid-2022, providing finality for all parties involved.

A subsidiary of O-I Glass (NYSE: OI) has completed a sale and leaseback transaction for its Brampton, Ontario plant, fetching CAD $244 million (approximately USD $191 million). This deal is part of O-I's Portfolio Optimization program, which aims to raise $1.5 billion, having already secured $1.3 billion in proceeds. CEO Andres Lopez highlighted this achievement as a significant milestone. The company continues to focus on sustainability as a leading global producer of glass packaging, contributing to a market valued at $6.4 billion in 2021.

O-I Glass, Inc. announced the election of David V. Clark, II to its Board of Directors during the Annual Meeting of Share Owners on May 10, 2022. Clark, an experienced executive with nearly 31 years at General Mills and Cereal Partners Worldwide, replaces long-serving directors Anastasia D. Kelly and Peter S. Hellman, who are retiring. The board now includes 11 director nominees elected for one-year terms. CEO Andres Lopez expressed gratitude towards the retiring members and optimism for the company's positive transformation.

O-I Glass, Inc. (NYSE: OI) reported a robust start in Q1 2022 with a 6.4% increase in sales volume, achieving $1.7 billion in net sales compared to $1.5 billion in the prior year. Net earnings were $0.55 per share, a recovery from a loss of $0.62 per share in Q1 2021, with earnings before income taxes rising to $170 million. The company exceeded guidance and noted operational efficiency improvements. Positive developments included over 99% acceptance of Paddock's reorganization plan by asbestos claimants. The outlook for adjusted earnings per share is now between $1.85 and $2.10.

O-I Glass, Inc. (NYSE: OI) has announced its first quarter 2022 earnings conference call scheduled for April 26, 2022, at 8 a.m. EDT. The earnings release will be issued after market close on April 25. Detailed earnings materials will be available on the O-I website following the announcement. With revenues of $6.4 billion in 2021, O-I is a leading producer of glass bottles and jars globally. The United Nations has designated 2022 as the International Year of Glass, highlighting the significance of this sustainable packaging material.

O-I Glass, Inc. (NYSE: OI) announced early results for its tender offer to repurchase up to $250 million of certain senior notes. Valid tenders for the 5.875% Notes due 2023 and 6.625% Notes due 2027 exceeded maximum limits, leading to proration. As of February 24, 2022, $150 million of 2023 Notes and $88.179 million of 2027 Notes will be accepted for purchase. No 2025 Notes will be accepted. The early settlement date for accepted notes is scheduled for February 28, 2022.

O-I Glass, Inc. (NYSE: OI) announces participation in the BofA Securities 2022 Global Agriculture and Materials Conference on March 3, 2022. Chief Financial Officer John Haudrich will present at 9:30 a.m. ET. A live webcast can be accessed here. The presentation replay will be available within 24 hours and archived for 90 days. Slides will be posted on O-I's website before the event. O-I Glass, a leading producer of glass packaging, reported revenues of $6.4 billion in 2021.

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.