Owens-Illinois Article

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Owens-Illinois Inc.
Public
Traded as NYSEOI
S&P 400 Component [1]
Industry packaging, glass
Founded Toledo, Ohio, USA (1929)
Founder[Rowan Tucker]
Headquarters,
United States
Key people
CEO
Andres Lopez
Products glass
Servicesglass manufacturing
RevenueIncrease US$7.4 billion (2011) [2]
Increase US$424 million (2010) [2]
Increase US$258 million (2010) [2]
Ownerpublic
Number of employees
24,000
Website http://www.o-i.com/

Owens-Illinois Inc. 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 [3]). Approximately one of every two glass containers made worldwide is made by O-I, its affiliates, or its licensees.[ citation needed]

Company

O-I Location in Holzminden, Germany

While legally known as Owens-Illinois, Inc., [4] 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.

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 Company founded in 1903 by Michael Joseph Owens, who made the first automated bottle-making machine, and Edward Drummond Libbey. In 1929, the Owens Bottle Company merged with Illinois Glass Company to become Owens-Illinois, Inc. [5]

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 S&P 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. [6]

In October 2010, Owens-Illinois Venezuela C.A was expropriated by President Hugo Chávez. [7]

In May 2015, O-I made an offer to purchase the food and beverage glass container business of Mexican company Vitro for $2.15 billion. [8] Timing for finalization has not been announced.

Partnership with NEG

O-I partnered with NEG ( Nippon Electric Glass), to produce glass television screens at its Columbus, Ohio and Pittston, Pennsylvania plants in the 1970s through the mid-1990s before allowing Techneglas to take over the operations.

Environmental Issues

Although it has not made an asbestos-containing materials since 1958, Owens-Illinois invented, tested, manufactured and distributed KAYLO asbestos containing thermal pipe insulation from 1948 through 1958. [9] Owens-Illinois remains a named defendant in numerous asbestos litigation matters throughout the U.S. [10] Some claims in these cases allege that Owens-Illinois was a participant in the seventh annual Saranac Seminar [11] when the cancer-causing potential of asbestos was studied in the 1950s. [12]

See also

References

  1. ^ "Mid-America Apartment Communities, AmSurg to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600" (PDF).
  2. ^ a b c Financial Statements for Owens-Illinois Inc - Google Finance
  3. ^ "Owens-Illinois acquisition receives EC approval". PackWire.com. 2004-06-11. Archived from the original on 2015-07-22. Retrieved 2007-10-16.
  4. ^ Owens-Brockway Glass Containers, Plant Comptroller in Muskogee, Oklahoma (ok)
  5. ^ "Company Facts". o-i.com. Retrieved July 24, 2017.
  6. ^ Owens-Illinois Inc. headed back to S&P 500 stock index: http://toledoblade.com/apps/pbcs.dll/article?AID=/20081225/BUSINESS03/812250392/-1/BUSINESS
  7. ^ Unión Radio: "Archived copy". Archived from the original on 2011-07-25. Retrieved 2010-11-20.
  8. ^ "Zacks Equity Research". Zacks. Zacks. Retrieved 1 July 2015.
  9. ^ History of Owens-Corning and Owens-Illinois and asbestos online Archived 2011-08-06 at the Wayback Machine.
  10. ^ Owens Illinois 10-K for December 2, 2009 listing liabilities (search asbestos)
  11. ^ History of the Saranac Laboratory at Saranac Lake, New York Archived 2012-05-30 at the Wayback Machine.
  12. ^ Dukes et al. v. Pneumo Abex (2008 Illinois appellate court opinion, search for Owens and Saranac)

External links