OI Inc announced 16 Sept/08 that it expects free cash flow for 2008 to range between US$ 400M and 2007's US$ 332M, down from the forecast of US$ 500M anticipated earlier in the year. The company's outlook for free cash flow has been reduced due to factors including: weakening demand for the company's products associated with continuing declines in the economies in Europe & the US; further actions by the company in response to weaker demand projections, including the extension of short-term capacity shutdowns previously planned for 4Q to control inventory levels; acceleration of cash payments attributable to the recent announcements of the permanent closures of the plants in Lavington, Canada, & Castel Maggiore, Italy; & strengthening of the US dollar against foreign currencies over the last 2m, especially the euro & the Australian dollar.
