date:Apr 27, 2012
t absorption and cost-control initiatives.
Flooding in Australia during Q1 2011 cost the company $9m, and O-I noted that it had not had to absorb this cost during the latest quarter.
Chairman and CEO Al Stroucken said:We are encouraged by our start in 2012. To better serve the seasonally stronger second quarter, especially in Europe and North America, we increased production and inventory levels in the first quarter.
We also saw generally good results from our pricing strategy and cost-cuttin