Pursuant to the Corporate Modernization, all stockholders of Owens-Illinois, Inc. (“O-I”) became stockholders of O-I Glass, as each issued and outstanding share of common stock of O-I converted into an equivalent corresponding share of common stock of O-I Glass. O-I Glass has replaced O-I as the public company trading on the New York Stock Exchange under the ticker symbol, “OI,” and has the same directors, officers and business operations as O-I.
The Company believes that the Corporate Modernization will improve the Company’s operating efficiency and cost structure, while ensuring the Company remains well-positioned to address its legacy liabilities. The Corporate Modernization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company and its stockholders.