Sector News

Bottle maker Owens-Illinois names new CEO

October 21, 2015
Chemical Value Chain

Owens-Illinois Inc., one of the world’s largest glass-bottle makers, has promoted its chief operating officer to chief executive as it tries to revamp sales amid falling global demand.

Andres Lopez, who led negotiations that resulted in the company’s $2.15 billion acquisition of Vitro S.A.B. de C.V.’s food and beverage glass-container business, is set to succeed Chief Executive Al Stroucken on Jan. 1. The company named him as COO in December.

Mr. Stroucken, who took the company’s reins in 2006, led its exit of the plastic business and global expansion focusing on glass bottles.

Under Mr. Stroucken, Owens-Illinois cut costs, shed noncore businesses and lodged itself into China’s fast-growing market. But global demand for glass bottles crashed, as mass-market brewers put more of their beer in cans, Europe’s economy sputtered, and China’s growth slowed.

Mr. Stroucken will stay on as executive chairman through May, when the Perrysburg, Ohio, company will hold its annual shareholder meeting. In a regulatory filing, Owens-Illinois said Mr. Stroucken’s pay will remain unchanged other than to prorate annual compensation to reflect that his contract is slated to end on June 30. In 2014, Mr. Stroucken’s total compensation was valued at $9 million, including a base salary of $1.1 million.

Meanwhile, Mr. Lopez’s base salary was set at $850,000. The 53-year-old is also eligible for bonus pay and other perks, including personal use of the company’s aircraft for up to 50 hours a year.

For the first six months of the year, the most recent results available, the company reported profit from continuing operations fell to $113 million on $2.96 billion in net sales, compared with $236 million in profit and $3.44 billion in sales in the year-earlier period.

By Maria Armental

Source: Wall Street Journal

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.