O-I Enters into Agreement to Repurchase $100M of Common Stock
February 04 2015 - 4:45PM
FOR IMMEDIATE
RELEASE
For more information,
contact:
David
Johnson
Vice President, Investor
Relations
Perrysburg, Ohio, US
567 336
2600
dave.johnson@o-i.com
Lisa Babington
Director, Corporate Communications
Perrysburg, Ohio, US
567 336 1445
lisa.babington@o-i.com
O-I Enters into Agreement to Repurchase $100M of
Common Stock
Perrysburg, Ohio (Feb. 4, 2015) - Owens-Illinois,
Inc. (NYSE: OI) announced today that it has entered into an
agreement with J.P. Morgan Chase Bank NA to repurchase $100 million
of O-I's common stock under an accelerated stock repurchase program
(ASR). The ASR is part of a previously announced $500 million share
repurchase program approved by O-I's Board of Directors in October
2014. The Company anticipates repurchasing at least an additional
$25 million in shares over the course of the year using free cash
flow generated from operations.
"Our strong cash flow generation in recent years
continues to enhance our financial flexibility" said Steve
Bramlage, chief financial officer. "After several years of devoting
about 10 percent of free cash flow to anti-dilutive share
repurchases, we are now prepared to direct a substantially higher
proportion of our cash to our shareholders.
This program is a concrete first step in that
direction."
The specific number of shares O-I will ultimately
repurchase under the ASR will be based on the daily volume
weighted-average price of O-I's common stock during the term of the
agreement.
# # #
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass
container manufacturer and preferred partner for many of the
world's leading food and beverage brands. The Company had revenues
of $6.8 billion in 2014 and employs approximately 21,100 people at
75 plants in 21 countries. With global headquarters in Perrysburg,
Ohio, USA, O-I delivers safe, sustainable, pure, iconic,
brand-building glass packaging to a growing global marketplace. For
more information, visit o-i.com.
O-I's Glass Is Life(TM) movement promotes the
widespread benefits of glass packaging in key markets around the
globe. Learn more about the reasons to choose glass and join the
movement at glassislife.com.
O-I logo
ASR Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Owens-Illinois, Inc. via Globenewswire
HUG#1891879
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