O-I Glass Files 8-K Report

Ticker: OI · Form: 8-K · Filed: Sep 4, 2024 · CIK: 812074

O-I Glass, Inc. /De/ 8-K Filing Summary
FieldDetail
CompanyO-I Glass, Inc. /De/ (OI)
Form Type8-K
Filed DateSep 4, 2024
Risk Levellow
Pages5
Reading Time6 min
Key Dollar Amounts$20 million, $14 million, $6 million, $5 million
Sentimentneutral

Sentiment: neutral

Topics: disclosure, financial-reporting

TL;DR

O-I Glass filed a standard 8-K today, mostly procedural stuff.

AI Summary

On September 4, 2024, O-I Glass, Inc. filed an 8-K report. The filing primarily concerns Regulation FD Disclosure and Financial Statements and Exhibits. No specific financial figures or material events were detailed in the provided excerpt, but it indicates a standard reporting event for the company.

Why It Matters

This filing serves as an official record of company disclosures and financial information, important for investors tracking corporate actions and financial health.

Risk Assessment

Risk Level: low — The filing is a routine 8-K report and does not appear to contain any new material information that would immediately impact the company's risk profile.

Key Players & Entities

  • O-I Glass, Inc. (company) — Registrant
  • Delaware (jurisdiction) — State of incorporation
  • Perrysburg, Ohio (location) — Principal executive offices

FAQ

What is the primary purpose of this 8-K filing for O-I Glass, Inc.?

The filing is primarily for Regulation FD Disclosure and to report Financial Statements and Exhibits.

What is the date of the earliest event reported in this filing?

The date of the earliest event reported is September 4, 2024.

What is the principal executive office address for O-I Glass, Inc.?

The address is One Michael Owens Way, Perrysburg, Ohio 43551-2999.

What is the IRS Employer Identification Number for O-I Glass, Inc.?

The IRS Employer Identification Number is 22-2781933.

What is the SIC code for O-I Glass, Inc.?

The Standard Industrial Classification code is 3221 (GLASS CONTAINERS).

Filing Stats: 1,394 words · 6 min read · ~5 pages · Grade level 14.5 · Accepted 2024-09-04 06:45:39

Key Financial Figures

  • $20 million — ith the above closures of approximately $20 million in the third quarter of 2024. Major com
  • $14 million — ts of the charges include approximately $14 million for impairment of plant-related assets,
  • $6 million — ts, such as furnaces and machinery, and $6 million for one-time employee separation benefi
  • $5 million — to the closings (of which approximately $5 million relate to future cash expenditures). I

Filing Documents

01. REGULATION FD DISCLOSURE

ITEM 7.01. REGULATION FD DISCLOSURE. O-I Glass, Inc. (the "Company") has approved the closure of four furnaces, which includes a single-furnace plant, in the Americas segment. These closures are part of the Company's previously communicated Fit to Win initiative to reduce redundant capacity and begin to optimize its network. Additional furnace closures and other restructuring actions are expected later in 2024. The furnace and plant closures are expected to occur within the next six months. The Company intends to facilitate the closures in a respectful manner for the approximately 200 people impacted. Current customers of the impacted plants will continue to be served by the same plant or by other plants in the Company's network. the Company expects to record charges associated with the above closures of approximately $20 million in the third quarter of 2024. Major components of the charges include approximately $14 million for impairment of plant-related assets, such as furnaces and machinery, and $6 million for one-time employee separation benefits and other costs related to the closings (of which approximately $5 million relate to future cash expenditures). In addition, the Company's Chief Executive Officer, Gordon Hardie, and Chief Financial Officer, John Haudrich, are scheduled to present at the UBS Global Materials Conference (the "Conference") on Wednesday, September 4, 2024 at 3:30 p.m., Eastern Time. A live webcast of the presentation will be available at the following link: https://event.webcasts.com/viewer/event.jsp?ei=1685068&tp_key=3c947d5317 . The replay from the Conference will be posted within 24 hours of the presentation and will be archived through this link for 90 days following the completion of the Conference. A copy of the presentation slides, which will be discussed at the Conference, is attached hereto as Exhibit 99.1 and will also be available on the Company's website, www.o-i.com/investors

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking" statements related to the Company within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "expect," "intend," "will," "anticipate" and other similar expressions generally identify forward-looking statements. It is possible that the Company's future results may differ from expectations due to a variety of factors including, but not limited to: (1) the general political, economic and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade disputes, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (2) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (3) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (4) changes in consumer preferences or customer inventory management practices, (5) the continuing consolidation of the Company's customer base, (6) the Company's ability to improve its glass melting technology, known as the MAGMA program, and implement it within the timeframe expected, (7) unanticipated supply chain and operational disruptions, including higher capital spending, (8) the Company's ability to achieve expected benefits from margin expansion and profitability initiatives, such as its Fit to Win program, including expected impacts fro

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description 99.1 UBS Global Materials Presentation 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. O-I GLASS, INC. Date: September 4, 2024 By: /s/ John A. Haudrich Name: John A. Haudrich Title: Senior Vice President and Chief Financial Officer

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