The corporate modernisation will help O-I Glass to improve operating efficiency and cost structure
O-I Glass has adopted new holding company structure. Credit: Owens-Illinois, Inc.
O-I Glass has completed corporate modernisation and adopted a new holding company structure to improve the operating efficiency and cost structure.
The move will also help O-I Glass to better address its legacy liabilities.
All stockholders of Owens-Illinois (O-I) became stockholders of O-I Glass, following the completion of corporate modernisation.
Earlier this month, O-I has commenced consent solicitations and process to amend bank credit agreement related to corporate modernisation.
Under the corporate modernisation, each issued and outstanding share of common stock of O-I converted into an equivalent corresponding share of common stock of O-I Glass.
O-I Glass replaces O-I as public company trading on New York Stock Exchange
With same directors, officers and business operations as O-I, O-I Glass has replaced O-I as the public company trading on the New York Stock Exchange under the ticker symbol OI.
According to the firm, the corporate modernisation is planned to be a tax-free transaction for US federal income tax purposes for the company and its stockholders.
O-I Glass, which has global headquarters in Perrysburg of Ohio, is the preferred partner for most of the world’s largest food and beverage brands.
With revenues of $6.9bn in 2018, O-I employs more than 26,500 people at 78 plants in 23 countries.
In October this year, O-I announced its commitment to sustainability by securing a $225m bank loan, with a sustainability-linked pricing mechanism.
OI European Group, a wholly-owned subsidiary of O-I, secured the loan from the Bank of America to clear the existing bank debt. The bank loan is said to be one of the first sustainable improvement loans in the food and packaging industry.
In August this year, O-I signed an agreement with Canada-based Groupe Bellemare to produce bottles from glass collected through curbside recycling.
The new outlet for glass recycling is part of the efforts initiated under the Innovative Glass Works, planned by private non-profit organisation Éco Entreprises Québec. It is based in Québec, Canada.