Thursday, Dec 08, 2016
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O-I sees quarterly profit fall, buys plant in France

Increased manufacturing and energy costs contributed to decreased second-quarter profits for Owens-Illinois Inc., the Perrysburg company said Wednesday.

The glass bottle maker reported a profit of $73 million, or 43 cents a share, compared with a profit of $141 million, or 85 cents a share, for the same period last year. Sales reached $1.96 billion in the quarter, up from $1.67 billion a year ago. The company said revenue was boosted by recent international acquisitions and increased sales volumes.

In a statement, Chief Executive Al Stroucken called the company’s second-quarter profit dip “clearly unacceptable” and said the company is taking steps to improve its performance.

In a separate announcement, O-I said it acquired VDL Co., a single-furnace glass container plant in Vergeze, France. The deal, valued at about $15 million, is expected to close Aug. 1. The acquisition, the local firm said, will allow the company to become the leading supplier of glass bottles for Perrier water and other Nestlé Waters brands.

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