Driving forward operating performance at O-I
According to recently released financial results from O-I Glass Inc, full year net sales of $6.7 billion were achieved in 2019, compared to $6.9 billion in 2018. “O-I’s 2019 earnings were in line with our most recent guidance and cash flows exceeded expectations” commented Andres Lopez, CEO. “We made significant progress during the second half of the year, ending on a positive note, despite a very challenging start to 2019.”
As the business enters 2020, Mr Lopez confirmed that O-I is taking bold structural actions to improve its business fundamentals. “We are optimising the company’s business portfolio and capital structure through accretive acquisitions and divestitures of assets that are not core to our strategy. Likewise, our recent corporate modernisation effort, which rebranded the company as O-I Glass, supported January’s actions to establish a final, certain and equitable resolution of our legacy asbestos-related claims liabilities.”
According to Andres Lopez, O-I is focused on improving operating performance with key turnaround initiatives including revenue optimisation, factory performance and cost transformation. “Furthermore, we intend to revolutionise glass, supported by our new MAGMA technology and leveraging glass’s clear advantages as a highly sustainable packaging choice. The combination of these efforts will drive improved operating performance and cash flow generation in 2020 and beyond” he added.