Owens-Illinois, Inc., Issues Statement Regarding Asbestos Case

Mar 14, 2011, 08:50 ET from Owens-Illinois, Inc.

PERRYSBURG, Ohio, March 14, 2011 /PRNewswire/ -- Owens-Illinois, Inc., (NYSE: OI) today issued the following statement concerning the verdict handed down late Friday afternoon by a McLean County, Illinois, jury against four defendants, including Owens-Illinois, in a case alleging asbestos-related injuries. Of the total $90 million awarded by the jury against the four defendants, a combined $9.6 million in compensatory damages were assessed against all defendants, and $40 million in punitive damages were assessed against Owens-Illinois.

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"Owens-Illinois is disappointed in the jury's verdict. The plaintiff never worked for Owens-Illinois or in an Owens-Illinois facility, nor did he allege exposure to asbestos-containing materials made or sold by the company. His alleged exposures did not occur until 1972, which was 14 years after Owens-Illinois last made or sold thermal insulation products containing asbestos. The plaintiff claimed, however, that Owens-Illinois participated in a conspiracy with other companies to conceal or misrepresent information about the health risks associated with asbestos exposure.

Owens-Illinois did not conspire with anyone concerning asbestos health hazards, continues to deny these conspiracy claims, and will challenge this verdict, if necessary, in the Illinois Appellate Courts. The company has successfully defended its position in similar cases and is confident of a successful outcome in this matter as well. Owens-Illinois does not anticipate any changes to its 2011 financial outlook as a result of this case."

About O-I

Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container manufacturer and preferred partner for many of the world's leading food and beverage brands. With revenues of $6.6 billion in 2010, the Company is headquartered in Perrysburg, Ohio, USA, and employs more than 24,000 people at 81 plants in 21 countries. O-I delivers safe, effective and sustainable glass packaging solutions to a growing global marketplace. For more information, visit www.o-i.com

SOURCE Owens-Illinois, Inc.