Owens-Illinois, Inc.: O-I Provides Update on Arbitration Against Venezuela
April 06 2016 - 5:01PM
FOR IMMEDIATE RELEASE
For more information,
contact:
Kristin Kelley
VP, Global and Corporate Communications
Perrysburg, Ohio
567 336 2395
kristin.kelley@o-i.com
O-I Provides
Update on Arbitration Against Venezuela
PERRYSBURG, Ohio (April 6, 2016) - Owens-Illinois,
Inc. (NYSE:OI) announced today that the annulment committee formed
by the World Bank's International Centre for Settlement of
Investment Disputes ("ICSID") ruled that a subsidiary of the
Company is free to pursue the enforcement of a prior arbitration
award against the Bolivarian Republic of Venezuela
("Venezuela"). That award amounts to more than $485 million
after including interest from the date of the expropriation by
Venezuela (October 26, 2010) and costs and remains subject to the
committee's consideration of Venezuela's application for
annulment. The Company's majority interest in two plants
expropriated by Venezuela and the progress of the ICSID annulment
proceeding have been previously reported by the Company.
The Company intends to take appropriate steps to
vigorously enforce and collect the award, which is enforceable in
approximately 150 member states that are party to the ICSID
Convention. However, even with the lifting of the stay of
enforcement, the Company recognizes that the collection of the
award may present significant practical challenges. The
Company cannot reasonably predict the efforts that will be
necessary to successfully enforce collection of the award or the
timing of any such collection efforts. Because the award has yet to
be satisfied and the annulment proceeding is pending, the Company
is unable at this stage to predict the amount or timing of
compensation it will ultimately receive under the award. Therefore,
the Company has not recognized this award in its financial
statements.
###
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 $6.2 billion in 2015 and
employs 27,000 people at 80 plants in 23 countries. With global
headquarters in Perrysburg, Ohio, O-I delivers safe, sustainable,
pure, iconic, brand-building glass packaging to a growing global
marketplace. For more information, visit o-i.com.
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O-I Provides Update on Arbitration Against
Venezuela_4-2016
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
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