Dec 17, 4:30 PM ET
O-I Glass to close two European furnaces, expects about $72 million in Q4 2024 charges
On December 12, 2024, O-I Glass finalized plans to close two furnaces in its European segment as part of its Fit to Win initiative, with closures on or after January 15, 2025 affecting about 100 people. The company expects charges of about $72 million in the fourth quarter of 2024, and a separate severance program is expected to add a charge of about $18 million in the same quarter, which will reduce future selling, general and administrative costs in Europe. For shareholders, the charges will weigh on fourth-quarter results, while the company says further closures and restructuring actions are expected in the fourth quarter of 2024 and 2025.
- Two furnace closures in the European segment, expected on or after January 15, 2025, affecting about 100 people
- Expected fourth-quarter 2024 charges of about $72 million, including about $40 million of plant asset impairment and $32 million of employee separation and other costs
- About $24 million of the $32 million relates to future cash expenditures
- Separate severance program with a charge of about $18 million in Q4 2024, mostly paid in cash in the first six months of 2025