Owens-Illinois looks to shut down more glass furnaces

2/9/2009

MIAMI Owens-Illinois Inc. top executives told investors Monday that the Perrysburg bottle manufacturer is about halfway through its two-year effort to streamline and modernize its production, and may shut down an additional 10 to 15 furnaces this year.

Ed White, OI s senior vice president and chief financial officer, told investors at Barclays Capital Industrial Select conference in Miami that an effort to take out 10 furnaces in 2008 reduced its payroll by 1,000 jobs and produced $100 million in annual cost savings.

He said the company will continue to move production closer to its customers, citing consolidation efforts in 2008 in California and New Zealand.