Mon, Nov. 23, 5:56 PM
- Owens-Illinois (NYSE:OI) earlier today named Jan Bertsch as its new CFO, effective immediately.
- She succeeds acting CFO John Haudrich, who resigned the role and will continue as OI's chief strategy and integration officer.
- Most recently, Bertsch served as executive VP and CFO for Sigma-Aldrich, which recently was acquired by Merck; she also spent nearly 20 years at Chrysler and Ford in various financial roles.
Tue, Oct. 27, 4:54 PM
Mon, Oct. 26, 5:35 PM
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Tue, Oct. 20, 4:31 PM
- Owens-Illinois (NYSE:OI) names current COO Andres Lopez as its new CEO effective Jan. 1.
- Current Chairman and CEO Al Stroucken, who took the reins in 2006, will retain the role of Executive Chairman as of Jan. 1 until the May 2016 annual shareholder meeting.
- Lopez joined OI in 1986 and has held several leadership positions, including VP of manufacturing for O-I North America, global VP of manufacturing and engineering, president of O-I South America, and president of O-I Americas.
Wed, Sep. 16, 7:03 PM
- J.P. Morgan analysts warn that companies with large amounts of floating-rate debt - including Chesapeake Energy, Freeport McMoRan, Ford and GE - could be at risk if the Fed decides to raise interest rates.
- Companies with variable/floating-rate debt suffer a more immediate impact by a rate hike than companies with fixed-rate debt, the analysts say; variable-rate coupons typically reset quarterly, meaning that changes in the base rate flow through almost immediately to variable-rate borrowers, while fixed-rate borrowers do not see such an impact until they refinance or issue new debt.
- JPM lists 25 companies - not including financials - that have the “highest variable-rate debt as a percentage of market cap": FMC, NRG, FCX, AES, CVC, LVLT, PVH, CHK, FE, DVA, THC, OI, CNX, F, HCA, FOSL, RCL, JOY, GE, ADS, ALLE, HBI, GT, DNB, AN
Fri, Aug. 14, 6:11 PM
- David Einhorn's Greenlight Capital took a 5.4M-share position in Hertz (NYSE:HTZ) in Q2, per Greenlight's latest 13F. Einhorn also took a 4.3M-share position in Owens-Illinois (NYSE:OI), a 3.6M-share position in Michael Kors (NYSE:KORS), and a 5M-share position in UIL Holdings (NYSE:UIL).
- Einhorn upped his GM position by over 50% to 14.6M shares - Greenlight bought back into GM in Q1 - and hiked his stake in Micron by over 10% to 37.9M. A 4.5M-share position in Agilent spinoff Keysight Technologies (NYSE:KEYS) was liquidated.
- OI +1.6% AH.
Wed, May 13, 9:15 AM
Wed, May 13, 7:48 AM
- Owens-Illinois (NYSE:OI) agrees to acquire Vitro’s food and beverage glass container business for $2.15B in a move that will allow OI to expand in the growing market for food packaging in Mexico.
- OI expects the deal to add $0.50 to EPS in the third year after closing and to generate $945M/year in revenue; the deal is expected to close within a year.
- OI will add Vitro’s five Mexican factories and one in Bolivia, and retain the leadership of the company’s food-and-beverage operations.
- OI +2.7% premarket.
Tue, Apr. 28, 4:46 PM
Mon, Apr. 6, 3:56 PM
- Owens-Illinois (OI +2.1%) enjoys a nice gain after a Barron's weekend profile says shares could climb 25%, as the world’s largest maker of glass containers has cleaned up its balance sheet and is cutting costs.
- Weak demand in a few key markets, operating stumbles and a strong dollar have hurt OI's profits in the past year, sending shares tumbling nearly 35% since July, but Barron's notes that OI's manufacturing network of 76 plants in 21 countries would be hard to replicate.
- OI has been working to improve operations and boost its generation of free cash flow, which topped $300M in each of the past two years and is expected to hit $300M again this year; while the article says investors should not expect much in the way of revenue growth, a leaner cost structure and shareholder friendly uses for its cash could pay off in a higher stock price.
Thu, Mar. 19, 11:59 AM
- Owens-Illinois (OI -2.2%) says CFO Stephen P. Bramlage Jr. will leave the company at the end of this month to become the CFO at Aramark (ARMK -0.6%).
- Bramlage will succeed current ARMK CEO Fred Sutherland, who is retiring at the end of this year after nearly 35 years at the company including 17 years as finance chief; Bramlage was named OI CFO in 2012 after holding various financial and managerial posts with the company.
- Current controller John Haudrichwill will become OI's CFO on an interim basis while a search is conducted for a successor.
Thu, Mar. 12, 11:46 AM
- Owens-Illinois (OI +0.1%) says it was awarded $455M by an international arbitration panel related to Venezuela’s seizure of two of its plants in 2010.
- OI says the arbitration panel so far is unable to estimate how much it actually will receive under the award and when it will be compensated.
- OI had operated in the country for more than 50 years before Hugo Chavez nationalized its majority interest in the plants in a move typical of his 14-year rule.
Mon, Feb. 2, 4:26 PM
Sun, Feb. 1, 5:35 PM
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