O-I Glass unveils $680m growth investment plans

O-I Glass has announced plans for global investments worth up to $680 million, as it looks to expand its glass packaging capacity.

The company plans to add up to 700,000 tons of extra glass packaging capacity and to focus on its expansion of premium products across the US and UK.

O-I’s Modular Advanced Glass Manufacturing Asset (MAGMA) solution involves installing flexible and scalable lines to improve its ability to meet customers’ and consumers’ different demands.

The growth investment will include $100 million for the expansion of one of the company’s facilities in Colombia and up to $580 million in targeted markets.

Andres Lopez, CEO of O-I Glass, said: “Our goal has always been to redefine glassmaking around a flexible, scalable and sustainable solution that improves our supply chain position. We are ready to deploy MAGMA, achieve the full potential of glass and enable profitable growth.”

He continued: “This new capability will enable the company to grow in existing markets and enter new markets with greater flexibility. MAGMA represents a major leap forward that will accelerate our company’s transformation.”

The company expects to complete the development of Generation 3 MAGMA solutions for use by 2025.