Owens-Illinois, Inc.: O-I Provides Update on Arbitration Against Venezuela
(Thomson Reuters ONE) -
FOR IMMEDIATE RELEASE
For more information, contact:
Kristin Kelley
VP, Global and Corporate Communications
Perrysburg, Ohio
567 336 2395
kristin.kelley(at)o-i.com
O-I Provides Update on Arbitration Against Venezuela
PERRYSBURG, Ohio (April 6, 2016) - Owens-Illinois, Inc. (NYSE:OI) announced
today that the annulment committee formed by the World Bank's International
Centre for Settlement of Investment Disputes ("ICSID") ruled that a subsidiary
of the Company is free to pursue the enforcement of a prior arbitration award
against the Bolivarian Republic of Venezuela ("Venezuela"). That award amounts
to more than $485 million after including interest from the date of the
expropriation by Venezuela (October 26, 2010) and costs and remains subject to
the committee's consideration of Venezuela's application for annulment. The
Company's majority interest in two plants expropriated by Venezuela and the
progress of the ICSID annulment proceeding have been previously reported by the
Company.
The Company intends to take appropriate steps to vigorously enforce and collect
the award, which is enforceable in approximately 150 member states that are
party to the ICSID Convention. However, even with the lifting of the stay of
enforcement, the Company recognizes that the collection of the award may present
significant practical challenges. The Company cannot reasonably predict the
efforts that will be necessary to successfully enforce collection of the award
or the timing of any such collection efforts. Because the award has yet to be
satisfied and the annulment proceeding is pending, the Company is unable at this
stage to predict the amount or timing of compensation it will ultimately receive
under the award. Therefore, the Company has not recognized this award in its
financial statements.
###
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container
manufacturer and preferred partner for many of the world's leading food and
beverage brands. The Company had revenues of $6.2 billion in 2015 and employs
27,000 people at 80 plants in 23 countries. With global headquarters in
Perrysburg, Ohio, O-I delivers safe, sustainable, pure, iconic, brand-building
glass packaging to a growing global marketplace. For more information, visit o-
i.com.
O-I Provides Update on Arbitration Against Venezuela_4-2016:
http://hugin.info/150659/R/2001412/738442.pdf
O-I Logo:
http://hugin.info/150659/R/2001412/738441.jpg
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Source: Owens-Illinois, Inc. via GlobeNewswire
[HUG#2001412]
Unternehmensinformation / Kurzprofil:
Datum: 06.04.2016 - 23:01 Uhr
Sprache: Deutsch
News-ID 462447
Anzahl Zeichen: 3470
contact information:
Town:
Perrysburg, OH
Kategorie:
Business News
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