News

Owens-Illinois (O-I), the container glass group, is looking to "tap new markets and expand in others" after pre-tax profit trebled in 2007, driven by manufacturing efficiencies, operating cost improvements and pricing discipline.

O-I yesterday (30 January) announced pre-tax earnings from continuing operations of £254m ($506.6m) for the 12 months to 31 December 2007, an increase of 207% compared with 2006. Sales increased by 13% over the same period.

The US-based company also announced £27m earnings for the fourth quarter of last year. In the same period of 2006, the company recorded a £30m loss.

O-I chairman and chief executive officer Al Stroucken described 2007 as a "clearly successful" year and said the progress made would serve as a "solid foundation" for the future.

"We will begin to focus more on marketing and innovation to maximise the value of the products we offer our customers," he said.

Last year, O-I sold its plastics packaging firm to Rexam and reduced its debt by around £953m.

It also made £174m in payments related to asbestos lawsuits and claims, up from £81.5m in 2006.