O-I Glass Executes on Cost-Savings Initiatives, but Some Near-Term Demand Headwinds Remain

O-I Glass is one of the world's largest glass container manufacturers, with furnaces in North America, South America, and Europe. It turns molten glass into containers for beer, wine, spirits, and food, using standard and custom molds for various customers. O-I operates approximately 70 glass plants and serves customers globally, with the US its largest region, at about 30% of sales. O-I has been working to improve its business by concentrating more on producing glass containers and focusing on specific areas where it can be the most successful. As part of this plan, O-I divested its tabletop glass business as well as its Australia and New Zealand operations, and is using the proceeds to fund capacity expansion and modernization projects.