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O-I expands stock repurchase program

Board approves 500 Million USD of future share repurchases.

Owens-Illinois, Inc. (NYSE: OI) announced that its Board of Directors has increased the company’s share repurchase authorization to 500 million USD. The authorization expires on December 31, 2017, and includes the approximately 85 million USD remaining under the current program.
“In light of our strong cash generation and the health of our balance sheet, we are nearing an inflection point in our capital allocation priorities,” said Chairman and Chief Executive Officer Al Stroucken. “We plan to significantly increase our share buybacks beginning next year, while continuing to invest strategically in the business and to reduce debt.”
The company expects to repurchase at least 100 million USD in shares of common stock in 2015.

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