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Owens-Illinois posts massive profit risestevenkiernan, 31 January 2008Be the first to comment on this article 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.
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. Speak Your Mind |
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