BMO Capital analyst Mark Wilde keeps his Market Perform rating and $17 price target on Owen-Illinois after the management reduced its expected Q3 EPS view by 10c to 52c-55c from 60c-65c at this week's Basic Materials conference. The analyst cites adverse FX factors and the expected decline in assumed volumes, with softness in U.S. "megabeer" sales, wet weather headwinds in Europe, and lower demand for Bordeaux in China. Given the uncertainty of its volume trajectory, Wilde says he is remaining cautious on Owens-Illinois shares.

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.