O-I Glass Inc at Citi Basic Materials Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Gordon, thank you for that. Maybe we can start off, if you can talk a little bit about the demand environment? And maybe talk a little bit more about what you're seeing regionally between the major markets of the Americas and Europe? And the 18% of capacity that you curtailed in 3Q, how is that kind of divided between the geographic footprint and the extent that you're thinking about volumes in '25?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : And of the curtailments that you've taken this year, that you planned for this year, how much of that is permanently closed? How much is coming back?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Is there a way -- I mean, without talking about specific assets or locations, like when you think about evaluating potentially 7% capacity reductions, what are the criteria? Is it a product type? Is it a region? Is it like.

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : When you think about substrate share, glass has, in some cases, like North American mass beer has lost share, maybe that's run its course. You gained back some share in Brazil during the pandemic. When you think about sort of maybe flattish growth in '25, what are the substrate share dynamics that you're seeing in the market or that you anticipate?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : I mean, O-I has seen restructuring or cost-out efforts before. From a big picture perspective, how do you really -- how is Fit to Win different?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst :

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : And in that lens of kind of capital efficiency, but also improving competitiveness with glass or with cans, how should we think about MAGMA? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : And we've been talking about sort of competitiveness of glass versus cans. Just within glass industry, how do you kind of -- you think about O-I versus maybe some European competitors you could benchmark on SG&A or how do you rate O-I?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Without like too much of a history lesson, I mean, do you think there are sort of reasons that O-I's cost structure became a bit more bloated than competitors? Was it a function of the pandemic or the response or like how?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : I don't know if there's any questions in the room. Unidentified Participant (inaudible)

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Gordon, we talked about supply and demand. Can you talk a little bit about pricing? And I guess, first question maybe philosophically is how do you approach pricing and getting paid for the value of your products maybe differently than O-I in the past? And then second question, maybe just more tactically, I think this is the time of the year where you have like a lot of these contract renegotiations or negotiations on pricing?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : And in terms of kind of the bridge to '25 as we think about price cost broadly?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Maybe kind of final question, wrapping it up. You have an Investor Day, and I'm not going to ask you to spoil it, but as you think about the cash generation potential of the business and where leverage is and where it could -- like if you get Fit to Win right and volumes stabilized and you're able to kind of execute on this, how should we think about sort of the cash flow opportunity?

Question: Anthony Pettinari - Citigroup, Inc. - Analyst : Gordon, John, thank you.