owens-illinois inc (OI) Key Developments
Owens-Illinois, Inc. Appoints Suley Muratoglu as Vice President and Chief Marketing Officer
Apr 7 15
Owens-Illinois, Inc. announced that Suley Muratoglu has joined O-I as vice president and chief marketing officer, effective April 6, 2015. He is a member of the company's global leadership team and reports to Andres Lopez, O-I chief operating officer. Muratoglu will lead O-I's sales and marketing activities on a global basis and will be responsible for ensuring the deployment of corporate strategy as it applies to commercial activity. He will work closely with the sales and marketing leaders in each of O-I's four geographic regions to implement processes for new business development, enhance commercial effectiveness and ensure delivery of customer value through product innovation, market knowledge and customer support. Muratoglu joins O-I from Tetra Pak, where he worked for more than 20 years, most recently as vice president, marketing and product management for the U.S. and Canada.
Owens-Illinois, Inc. Announces Nominations and Resignations for Board of Directors
Apr 2 15
Owens-Illinois, Inc. announced that Gordon Hardie and Alan Murray will stand as nominees for election to the company's Board of Directors at the 2015 annual meeting of stockholders on May 12. Current Board of Directors members Helge Wehmeier, who has reached the mandatory retirement age for board members, and Jay Geldmacher, whose significant additional professional responsibilities created scheduling conflicts, will not be standing for re-election. Gordon Hardie is managing director, Bunge Food & Ingredients. He is responsible for the strategic development and global performance of the Food & Ingredients business. Prior to joining Bunge, Hardie was managing director at Morningside Partners, an M&A advisory firm he established in 2009. Alan Murray was chief executive officer of Hanson Plc. While serving as Hanson CEO and in various other financial leadership roles, he restructured, rebranded and increased profitability, and managed many acquisitions.
Owens-Illinois, Inc. Announces Executive Changes
Mar 19 15
Owens-Illinois, Inc. announced that Senior Vice President and Chief Financial Officer Steve Bramlage will leave the company to pursue another opportunity, effective March 31, 2015. Until an internal and external executive search can be completed, John Haudrich, vice president, finance and corporate controller, will assume the responsibilities of the chief financial officer. Haudrich has led the global finance operations for the company's four business segments and the corporate finance team, focused on management reporting. He joined the company in March 2009 as vice president of investor relations, was named vice president of finance in 2010 and was appointed vice president, finance and corporate controller in 2011.
Owens-Illinois, Inc. Presents at JPMorgan Aviation, Transportation & Industrials Conference, Mar-03-2015 09:30 AM
Feb 18 15
Owens-Illinois, Inc. Presents at JPMorgan Aviation, Transportation & Industrials Conference, Mar-03-2015 09:30 AM. Venue: J.P. Morgan, 383 Madison Avenue, New York, New York, United States. Speakers: Stephen P. Bramlage, Chief Financial Officer and Senior Vice President.
Owens-Illinois, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of Fiscal 2015
Feb 2 15
Owens-Illinois, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company announced that net sales were $1.6 billion, down 9% from the prior year fourth quarter. The company benefited from price gains of 1%. The stronger U.S. dollar adversely impacted the value of sales by 6%. Fourth quarter segment operating profit was $180 million, down $15 million compared with the prior year fourth quarter. Fourth quarter 2014 adjusted earnings were $0.46 per share, compared with $0.51 per share in the same period of 2013.
For the full year, the company announced net sales were $6.8 billion, down 3% from 2013. Segment operating profit was $908 million in 2014, compared with $947 million in the prior year. Full year 2014 earnings from continuing operations attributable to the company were $1.01 per share (diluted), compared with $1.22 per share in full year 2013. Excluding certain items management considers not representative of ongoing operations, adjusted earnings were $2.63 per share compared with $2.72 per share in the prior year. Adjusted EPS for the year was modestly lower than 2013. This reflects strong performance in Europe and South America and disappointing performance in North America and Asia Pacific. The company generated $329 million of free cash flow in 2014. This includes the nearly $40 million adverse impact of currency exchange rates. Net debt declined by $236 million for the year, aided by foreign exchange rates, resulting in an improved leverage ratio of 2.4 at year end 2014.
The company provided earnings guidance for the full year of fiscal 2015. The company announced that reflecting unfavorable currency translation, it expects adjusted earnings for full year 2015 to be in the range of $2.20 to $2.60. Assuming constant currency (at 2014 currency rates), comparable adjusted earnings for full year 2015 are expected to be in the range of $2.60 to $3.00. The midpoint of the range using constant currency is higher than prior year adjusted earnings due to an anticipated improvement in operating results. In 2015, the company expects to generate $300 million of free cash flow for the third consecutive year, despite an expected $30 million headwind from currency exchange rates.