Owens-Illinois Firing 460

The company says it will shut two plants in Europe.
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(OI) - Get Report

set plans Tuesday to fire 460 workers in Europe as it cuts capacity at plants in France and Germany.

The Toledo, Ohio, company said it would close a plant in Dusseldorf, Germany, as well as one of two furnaces in the Reims, France, food container facility.

"Given our new European structure, the planned reductions reflect a rationalization of our regional plant footprint in response to the significant increase of overall capacity with the acquisition of BSN Glasspack," said CEO Steve McCracken.

If the Dusseldorf plant is closed, O-I would have 39 manufacturing plants in Europe and 10,200 employees.

On Tuesday, Owens-Illinois rose 52 cents to $25.23.