Wells Fargo analyst Gabe Hajde upgraded Owens-Illinois to Outperform from Market Perform and raised his price target for the shares to $24 from $20. The company's organic volumes are set to inflect due in part from the contribution associated with the recent and attractively priced acquisitions of Nueva Fanal and Comegua, Hajde tells investors in a research note. Further, the analyst thinks that at the current "depressed" valuation, investors are getting a complimentary ''call option'' in Owens-Illinois' recently introduced MAGMA technology.

O-I Glass completed a major transformation of its Zipaquira, Colombia manufacturing site investing approximately $120 Million to upgrade the sustainability, flexibility, and productivity of the plant. This is consistent with O-I's sustainability strategy, the company's ongoing investments into plant upgrades, and aligned with its previously announced capital spending plan. A new furnace has been installed that incorporates well-proven oxy/fuel combustion and waste heat recovery technology. The investments are set to increase O-I's flexibility to serve strategic customers and emerging segments in the food and beverage sector and improve energy efficiency, lowering CO2 emissions by up to 15% per ton produced on the new furnace. In addition to the decarbonization impacts, the new technologies also reduce NOX emissions by up to 50 % compared to a traditional air fuel-fired furnace and allow for higher usage of recycled glass. At the Zipaquira plant, one of the largest O-I plants in Latin America with more than 700 employees, approximately 100 new jobs were created in conjunction with the new furnace along with a larger number of indirect jobs in the region.