Owens Illinois presents the Next Phase of Its Transformational Journey; Company Initiates a Dividend and Increases Its Share Repurchase Program15/11/2018
O-I Presents the Next Phase of Its Transformational Journey; Company Initiates a Dividend and Increases Its Share Repurchase Program
Perrysburg, Ohio (November 14, 2018) - Owens-Illinois, Inc. (NYSE: OI) will host an invitation-only investor day, at 8:30 a.m. Eastern today in New York City. Andres Lopez, CEO of Owens-Illinois, will discuss how O-I is delivering on its transformational journey and highlight strategic priorities for the next three years.
Company leaders will present growth opportunities and key financial targets, driven by success in O-I's strategic value platforms:
Grow & expand - profitably increasing the top line
Structural cost improvement - expanding margins
Sustainability - driving responsible operations and products in a cost-effective way
Breakthrough technology - reimagining glassmaking
Capital allocation - increasing cash return to shareholders
Lopez commented "We are excited to build on the stability and capabilities we've established across the O-I organization over the past several years, delivering on our operational and financial commitments and building a future on favorable market trends for glass packaging. This foundation will enable us to continue to grow and expand the top line and improve structural costs. As we continue to execute on our commitment to growing revenue, margins, earnings and cash flow, we have come together as One Global Enterprise with shared goals and we are excited for O-I's future."
The Company today announced that it intends to pay a regular quarterly cash dividend to stockholders. The Board declared a dividend of $0.05 per share which will be paid on February 12, 2019 to shareholders of record on the close of business on January 22, 2019.
"The initiation of a dividend and continuing share repurchase program demonstrate the Board's confidence in the Company's strong operating performance, free cash flow generation, and sustainable long-term financial outlook," said Carol Williams, Independent Board Chair, Owens-Illinois, Inc.
Also today, O-I announced that the Board has authorized an increase of the existing share repurchase program for O-I's common stock to $600 million. With this $313 million increase, and taking into account repurchases already made under the existing program, the Company had approximately $600 million in remaining repurchase authority as of November 1, 2018.
Door: ABM Financial News.