O-I Glass Inc Stock Price, News & Analysis

O-I Glass plans to invest $150 million over the next two years to transform its Alloa, UK manufacturing plant, aiming to reduce CO2 emissions significantly. The transformation includes rebuilding an existing furnace and constructing a new one with advanced technology and sustainability measures, such as gas-oxy combustion and increased renewable energy use. These efforts align with O-I's sustainability roadmap and capital spending plan. The new furnaces, expected to be operational in 2025, will support the company's goal of reducing CO2 emissions by 25% by 2030. Additionally, O-I is partnering with a supplier to establish an oxygen farm adjacent to the Alloa plant, which will benefit local hospitals and manufacturing companies. This initiative builds on the Alloa plant's long heritage, positioning it as a state-of-the-art facility.

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.