Oi Looks To Close More Furnaces In 2009

O-I Inc. managers told investors on 9 Feb/09 that the bottle manufacturer is about halfway through its 2 year effort to streamline & modernize its production, & may shut down an additional 10 to 15 furnaces in 2009. Ed White, OI's senior Vice President CFO, told investors at Barclays Capital Industrial Select conference in Miami that an effort to take out 10 furnaces in 2008 reduced its workforce by 1,000 jobs & produced US$ 100M in annual cost savings. He said the company will continue to move production closer to its customers, citing consolidation efforts in 2008 in California and New Zealand.