Ceramic Industry News

Venezuelan Government to Expropriate O-I Operations

October 27, 2010
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Owens-Illinois Inc. (O-I) announced it learned last night of the Hugo Chavez administration’s intention to expropriate O-I’s operations in Venezuela. The company said it was surprised to learn of this decision.

“As of this morning, we have not heard directly from the government,” said Al Stroucken, chairman and CEO. “We learned the news as many others did, through television reports. We’re prepared to work with government officials to better understand the situation. In the meantime, we’re focused on continuing safe operations in the interests of our people and our customers.”

O-I has been supplying glass food and beverage containers to Venezuela for more than 50 years. Its two plants, located in Los Guayos and Valera, employ more than 1000 people and represent less than 5% of the global segment’s operating profit.

Production at both plants continues uninterrupted at this time, and the company remains committed to complying with all laws and regulations. The company is monitoring the emerging situation and will provide updates.

For further details, visit www.o-i.com.

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