PERRYSBURG, OH, April 14, 2023 (GLOBE NEWSWIRE) --
- New greenfield facility in Bowling Green, KY, will be built around O-I's revolutionary MAGMA technology
- Facility scheduled to open in 2024 and will be able to support multiple product categories
- MAGMA technology expected to set new standards in sustainable glass manufacturing
PERRYSBURG, Ohio (April 14, 2023) - O-I Glass, Inc. ("O-I Glass" or "O-I") broke ground today for a state-of-the-art greenfield glass plant in Bowling Green, KY. The facility is the first O-I facility purpose-built to leverage the company's MAGMA technology. The groundbreaking event, attended by O-I CEO, Andres Lopez, KY Lieutenant Governor Jacqueline Coleman, and a host of company and regional dignitaries, marks the beginning of a multi-phase investment of up to $240 million to enable the continued development of the company's revolutionary MAGMA technology, while providing an unprecedented level of service to our customers and local market.
"O-I's proprietary MAGMA glass-making technology, and the new plant here in Bowling Green built around this technology, will continue our journey to transform the future of glass container production," said Andres Lopez, CEO of O-I Glass. "This facility will showcase our next-generation capabilities, from a new modular batch system, the MAGMA melter, and new forming machines to sustainability advancements and the look and feel of the factory itself. Here, in Bowling Green, in proximity to the Bourbon Trail, this state-of-the-art facility will demonstrate the value of near-location and will be a key hub for future customer collaboration. It will also serve as place where our investors, customers, and other stakeholders can explore and collaborate."
MAGMA technology is designed for flexible, modular glass production and can reduce the environmental footprint of glass production. Facilities built for MAGMA will feature a smaller melter and will be constructed using more sustainable methods and materials. MAGMA technology will enable advanced technologies, including ULTRA light-weighting potential, on-off capability, and can include feed-forward and feed-back control loops to promote premium quality glass.
The proximity to key customers, for O-I, will reduce logistics and further enhance the company's customer service, flexibility, and sustainability. The first phase of construction for this facility is expected to be complete in mid-2024 and could grow to include two additional production lines and up to 140 new jobs in the state and region. Lieutenant Governor Coleman conveyed congratulations from Governor Andy Beshear.
"I want to congratulate leaders at O-I Glass as the company moves forward with this incredible project creating 140 full-time jobs in Warren County," Gov. Andy Beshear said. "I am proud the commonwealth will be home to this innovative facility that introduces new technology to increase speed and efficiency within the company's manufacturing process. I look forward to a long and successful partnership between Kentucky and O-I Glass."
For more information on the groundbreaking event, along with additional information on the revolutionary MAGMA technology, visit: http://o-i.com/groundbreaking
ABOUT O-I GLASS
At O-I Glass, Inc. (NYSE: OI), we love glass and we're proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it's also pure and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world's leading food and beverage brands. We innovate in line with customers' needs to create iconic packaging that builds brands around the world. Led by our diverse team of more than 24,000 people across 69 plants in 19 countries, O-I achieved net sales of $6.9 billion in 2022. Learn more about us: o-i.com / Facebook / Twitter / Instagram / LinkedIn
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking" statements related to O-I Glass, Inc. ("O-I" or the "company") within the meaning of section 21e of the securities exchange act of 1934, as amended (the "exchange act") and section 27a of the securities act of 1933, as amended. 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 "achieve," "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements.
It is possible that the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the impact of the covid-19 pandemic and the various governmental, industry and consumer actions related thereto, (2) the company's ability to obtain the benefits it anticipates from the corporate modernization, (3) the company's ability to manage its cost structure, including its success in implementing restructuring or other plans aimed at improving the company's operating efficiency and working capital management, and achieving cost savings, (4) the company's ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (5) the company's ability to achieve its strategic plan, (6) the company's ability to improve its glass melting technology, known as the magma program, and implement it within the timeframe expected, (7) foreign currency fluctuations relative to the U.S. dollar, (8) changes in capital availability or cost, including interest rate fluctuations and the ability of the company to refinance debt on favorable terms, (9) the general political, economic and competitive conditions in markets and countries where the company has operations, including uncertainties related to economic and social conditions, 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, and weather, (10) the company's ability to generate sufficient future cash flows to ensure the company's goodwill is not impaired, (11) consumer preferences for alternative forms of packaging, (12) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflict between Russia and Ukraine), (13) consolidation among competitors and customers, (14) unanticipated expenditures with respect to data privacy, environmental, safety and health laws, (15) unanticipated operational disruptions, including higher capital spending, (16) the company's ability to further develop its sales, marketing and product development capabilities, (17) the failure of the company's joint venture partners to meet their obligations or commit additional capital to the joint venture, (18) the ability of the company and the third parties on which it relies for information technology system support to prevent and detect security breaches related to cybersecurity and data privacy, (19) changes in u.s. trade policies, (20) risks related to recycling and recycled content laws and regulations, (21) risks related to climate-change and air emissions, including related laws or regulations and the other risk factors discussed in the company's filings with the securities and exchange commission.
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results, or developments may differ materially from expectations. While the company continually reviews trends and uncertainties affecting the company's results or operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.
