O-I Glass, Inc. /DE/ (OI): restructuring charge — O-I Glass to close two European furnaces; expects ~$72M Q4 charge for impairment and severance

O-I Glass, Inc. /DE/

Closure of two furnaces in European segment under Fit to Win initiative; ~100 employees impacted.
Expected Q4 2024 charges of ~$72M: $40M asset impairment, $32M severance and other costs (~$24M cash).
Additional furnace closures and restructuring actions anticipated in Q4 2024 and 2025.
Separate European SG&A severance program approved; ~$18M Q4 2024 charge, cash paid in first half 2025.
Furnace closures on or after Jan 15, 2025; affected customers to be served by other O-I plants.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

O-I Glass, Inc. /DE/ announced a restructuring with charges of approximately $72 million affecting European segment (approximately 100 people).

Type: restructuring
Charge: approximately $72 million
Affected area: European segment
Headcount: approximately 100 people

Exact text from the filing

Subject to finalization of certain estimates, the Company expects to record charges associated with these closures of approximately $72 million in the fourth quarter of 2024.

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O-I Glass, Inc. /DE/ filing history →

Source: SEC EDGAR

accession 0001104659-24-129387

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