Business News

Update on O-I Operations in Venezuela

Friday 29. October 2010 - Transition to government management begins

In a meeting with the ministry of Science and Technology in Caracas yesterday evening, Owens-Illinois, Inc. (NYSE: OI) was informed of the government’s plans to transition management of the company’s operations to government control. At approximately 9 a.m. today, local time, government officials intend to arrive at O-I’s plants in Los Guayos and Valera to begin the transition process. At this time, no agreement has been reached between the government and the company.
“Although we have not reached an agreement with the government, we will comply with the laws and directives we have been given. The safety and well-being of our employees is of the utmost importance to us,” said Al Stroucken, O-I Chairman and CEO. “Glassmaking is a highly specialized, complex and technical industry, and we are concerned by government plans to manage the operations without having the appropriate level of expertise. We also are concerned about the continuity of supply to customers in critical segments like food and beverage.”
O-I is fully cooperating with the Venezuelan government throughout the transition and remains committed to complying with all laws and regulations, including environmental and safety rules.