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Owens-Illinois
From Wikipedia, the free encyclopedia
Owens-Illinois NYSE: OI is a Fortune 500 company that specializes in plastics and glass containers.
It is one of the world's leading manufacturers of packaging products, holding the position of largest manufacturer of glass containers in North America, South America, Australia, New Zealand, and China, and one of the largest in Europe. Approximately one of every two glass containers made worldwide is made by Owens-Illinois, its affiliates, or its licensees.
The company is also a worldwide manufacturer of plastics packaging with operations in North America, South America, Australia, Europe, and Asia. Plastics packaging products manufactured by O-I include containers, closures, and prescription containers.
Owens-Illinois is the leading supplier in almost all of the market segments it serves.
Owens-Illinois was a part of the Dow Jones Industrial Average from June 1, 1959 until March 12, 1987. The company's stock was hurt by Asbestos lawsuits and high fuel prices.
The headquarters, until 2006, were located in Toledo, Ohio, known as the Glass City for its history of glass-related companies. The headquarters were moved in late 2006 to the Levis Commons complex in the suburb of Perrysburg, Ohio, where the company owns a large facility already. The causes of the move were two main factors. The company claimed that as a "modest glassmaking company" it was "embaressing" to have such a large headquarters. Secondly, the company wanted to sync their headquarters with the facility in Perrysburg. The former headquarters in Toledo, One SeaGate, is a local landmark. Moving out of downtown Toledo broke a promise by Owens-Illinois, where their former C.E.O. claimed that they would be "the last company to leave Toledo." The company claimed that they were not neccesarily hurting the area's economy, as they were moving a short distance southeast. The space left vacant by O-I will be replaced by Fifth Third Bank and will be renamed Fifth Third Center at One SeaGate. Fellow glassmaker Owens Corning still keeps its operations in downtown Toledo.
Owens-Illinois partnered with NIG (Nippon Electric Glass), to produce glass television screens at its Pittston, Pennsylvania plant in the 1970's through the mid 1990's before allowing Techneglas to take over the operations.