OWENS-ILLINOIS,INC. (NYSE:OI) Files An 8-K Costs Associated with Exit or Disposal Activities

ME Staff 8-k
-
0

OWENS-ILLINOIS,INC. (NYSE:OI) Files An 8-K Costs Associated with Exit or Disposal Activities
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On May15, 2018, the Company approved the closure of its Atlanta, Georgia glass container plant. The press release announcing this closing is filed as Exhibit99.1 hereto and incorporated by reference herein.

Subject to finalization of certain estimates, the Company expects to record a charge associated with the Atlanta closure of approximately $40 million in the second quarter of 2018. Major components of the charge include approximately $20 million for impairment of plant-related assets, such as furnaces and machinery, and $20 million for one-time employee separation benefits and other costs related to the closing. Future cash expenditures related to the closing are anticipated to be approximately $16 million and only relate to employee separation benefits and other costs.

ITEM 2.06. MATERIAL IMPAIRMENTS

The disclosure included under Item 2.05 is incorporated by reference into this Item 2.06.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.


OWENS ILLINOIS INC /DE/ Exhibit
EX-99.1 2 a18-13584_2ex99d1.htm EX-99.1 Exhibit 99.1     FOR IMMEDIATE RELEASE   For more information,…
To view the full exhibit click here

About OWENS-ILLINOIS,INC. (NYSE:OI)

Owens-Illinois, Inc. is engaged in the manufacturing of glass containers. The Company’s principal product lines are glass containers for the food and beverage industries. Its segments include Europe, North America, Latin America and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine. It also produces glass packaging for a range of food items, soft drinks, teas, juices and pharmaceuticals. The Europe segment produces glass containers for the beer, wine, champagne, spirits and food markets. The North America segment has over 20 glass container manufacturing plants and over one distribution facility in the United States and Canada. The Latin America segment produces glass containers for beer, non-alcoholic beverages, spirits, flavored malt beverages, wine, food and pharmaceutical markets. The Asia Pacific segment primarily produces glass containers for the beer, wine, food and non-alcoholic beverage markets.