Glassmaker Owens-Illinois to Divest Asia-Pacific Assets, an Industrial Info Market Brief

Glassmaker Owens-Illinois Incorporated plans to divest its plants and assets in the Asia-Pacific region in an effort to reduce the company's debt and restructure its global portfolio. Owens-Illinois' Asia-Pacific operation currently includes glass manufacturing plants in Indonesia, China, Australia, and New Zealand. A decline in operating profit in Asia-Pacific also contributed to the company's decision, along with declining prices, inflation and lower shipment volumes.