Owens-Illinois expects to reach leverage ratio of 3x by end of 2018

By Devika Patel

Knoxville, Tenn., Oct 26 – Owens-Illinois Inc. is continuing to deleverage its balance sheet and expects to reach its target leverage ratio of 3x by the end of 2018.

“We are maintaining our free cash guidance for the year at $300 million,” senior vice president and chief financial officer Jan Bertsch said on the company’s third quarter earnings conference call.

“Our strong free cash flow performance is being achieved despite the burden of $130 million in asbestos-related payments for 2016.

“Of course, we will continue to make progress on deleveraging our balance sheet.

“By the end of this year, we expect our leverage ratio will be around 3.8x, well on our way to our goal of 3x by the end of 2018.”

Owens-Illinois is a Perrysburg, Ohio-based glass container manufacturer.

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