News
O-I buoyant following Q3 results
Owens-Illinois (O-I), the glass container group, has said it will enter 2008 "with greater financial flexibility" than it has enjoyed for some time after third-quarter profits soared.
Al Stroucken, chairman and chief executive of the US-based group, said O-I’s improved financial position would allow it to concentrate on new product development and geographic expansion.
O-I reported third-quarter net earnings of £570m (US$1.16bn) compared with £4.1m for the same period in 2006.
The increase included a gain of £520m from the £890m sale of its plastics packaging business to Rexam in July, while O-I reduced total debt by £384m to £2.37bn.
Net sales from continuing operations rose 12.2% to £940m (US$1.93bn) for the quarter ending 30 September.
Stroucken: new product development
