UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

 

 

February 29, 2008

Date of Report (Date of earliest event reported)

 

 

OWENS-ILLINOIS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

(567) 336-5000

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

 

ITEM 8.01.                                    OTHER EVENTS

 

On February 29, 2008, Owens-Illinois, Inc. issued a press release announcing that its Board of Directors has elected to redeem its outstanding convertible preferred stock with a redemption date of March 31, 2008. A copy of Owens-Illinois, Inc.’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

ITEM 9.01.                                    FINANCIAL STATEMENTS AND EXHIBITS

 

(d)                                                                                   Exhibits.

 

 

Exhibit No.		Description
99.1		Press Release dated February 29, 2008

 

 

2

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	OWENS-ILLINOIS, INC.
Date: March 3, 2008	By:	/s/ Edward C. White
	Name:	Edward C. White
	Title:	Senior Vice President and
		Chief Financial Officer

 

3

 

EXHIBIT INDEX

 

 

Exhibit No.		Description
99.1		Press Release dated February 29, 2008

 

 

4

 

Exhibit 99.1

 

O-I Elects to Redeem Convertible Preferred Stock

 

PERRYSBURG, Ohio, Feb. 29, 2008 — Owens-Illinois, Inc. (NYSE: OI) today announced that its Board of Directors has elected to redeem its outstanding convertible preferred stock (par value $0.01).  The redemption date is March 31, 2008.  All of the 9,050,000 shares of convertible preferred stock will be redeemed for the common stock of the Company according to the applicable certificate of designations.  Preferred shareholders that choose not to convert prior to the redemption date will receive 0.9424 shares of O-I common stock in exchange for each share of convertible preferred stock owned.  Preferred shareholders’ conversion right will terminate at the close of business on March 28, 2008, one business day prior to the redemption date. The Company will cease paying the current 4.75% annual dividend upon the redemption date.

 

About O-I

Millions of times a day, O-I glass containers deliver many of the world’s best-known consumer products to people all around the world.  With the leading position in Europe, North America, Asia Pacific and Latin America, O-I manufactures consumer-preferred, 100 percent recyclable glass containers that enable superior taste, purity, visual appeal and value benefits for our customers’ products.  Established in 1903, the company employs more than 24,000 people with 83 manufacturing facilities in 22 countries.  In 2007, net sales were $7.6 billion.  For more information, visit http://www.o-i.com.

 

Media Contact: O-I, Lauren Dubilzig, +1 567-336-1312.

Investor Relations Contact: O-I, Sasha Sekpeh, +1 567-336-2355.

 

Copies of O-I news releases are available at the O-I Web site at www.o-i.com; or at www.prnewswire.com.