STEVEN R. MCCRACKEN NAMED PRESIDENT AND CEO
OF OWENS-ILLINOIS
Veteran DuPont Executive Brings Emphasis on
Innovation, Customer Focus and Global Leverage
TOLEDO, Ohio, March 22, 2004
– The Board of Directors of Owens-Illinois,
Inc. (NYSE: OI) announced today that it has
appointed Steven R. McCracken as President and
Chief Executive Officer, effective April 1st.
Prior to joining Owens-Illinois, Mr. McCracken
spent nearly 30 years at DuPont, including serving
most recently as President of its INVISTA™
subsidiary, which is the world's largest integrated
fibers and intermediates business.
Mr. McCracken, 50, assumes the CEO position
from Terry L. Wilkison and Thomas L. Young,
who had been serving since January as Interim
co-CEOs following the planned retirement of
the previous CEO Joseph H. Lemieux. Mr. Lemieux
will remain the Company’s Chairman until
its Annual Meeting in May, at which time Mr.
McCracken will assume the position of Chairman
of the Board.
Mr. McCracken said, “Owens-Illinois is
well known for the innovation and vitality it
has brought to its businesses, which is why
it is the leader in the glass and plastics packaging
industry. I look forward to joining the people
of O-I to build on the success the Company has
achieved and to further expand its market position
across its businesses around the world.”
Messrs. Young and Wilkison said, “We
welcome Steve and pledge our fullest possible
support to him as he assumes his new responsibilities.
We believe that his experience should complement
the Company's strategies as we increasingly
focus on global efficiencies and taking advantage
of our scope, scale and technological base."
Until January, Mr. McCracken served as the
President of INVISTA™, the global textile
fiber and related intermediates division of
DuPont that was created in January 2001. INVISTA™,
which had revenues of $7 billion in 2003 and
more than 18,000 employees in 50 countries,
is being sold to Koch Industries. Since January,
Mr. McCracken has been working on special assignments
for INVISTA™ and DuPont, where he joined
in 1975 as a field engineer. During his tenure
at DuPont, he has served in operations, finance,
planning, marketing and business management
positions throughout the U.S. and Europe, including
serving as managing director of DuPont™
LYCRA® in Europe and Vice President and
General Manager of DuPont™ Corian®
Surfaces, both of which achieved record growth
under his leadership. He also serves on the
boards of several DuPont ventures in Latin America
and Asia. Mr. McCracken holds a B.S. in mechanical
engineering from Rose-Hulman Institute of Technology.
About Owens-Illinois
Owens-Illinois is the largest manufacturer
of glass containers in North America, South
America, Australia and New Zealand, and one
of the largest in Europe. Owens-Illinois also
is a worldwide manufacturer of plastics packaging
with operations in North America, South America,
Europe, Australia and New Zealand.Plastics packaging
products manufactured by Owens-Illinois include
consumer products (blow molded containers, injection
molded containers and closures and dispensing
systems) and prescription containers. O-I reported
net sales of US$6.0 billion for the year ended
December 31, 2003.
Forward Looking Statements
This news release contains "forward-looking"
statements within the meaning of Section 21E
of the Securities Exchange Act of 1934 and Section
27A of the Securities Act of 1933. Forward-looking
statements reflect the Company's current expectations
and projections about future events at the time,
and thus involve uncertainty and risk. It is
possible the Company's future financial performance
may differ from expectations due to a variety
of factors including, but not limited to the
following: (1) the timing of the acquisition
of BSN, (2) foreign currency fluctuations relative
to the U.S. dollar, (3) changes in capital availability
or cost, including interest rate fluctuations,
(4) the general political, economic and competitive
conditions in markets and countries where the
Company has operations, including disruptions
in the supply chain, competitive pricing pressures,
inflation or deflation, and changes in tax rates
and laws, (5) consumer preferences for alternative
forms of packaging, (6) fluctuations in raw
material and labor costs, (7) availability of
raw materials, (8) costs and availability of
energy, (9) transportation costs, (10) consolidation
among competitors and customers, (11) the ability
of the Company to integrate operations of acquired
businesses and achieve expected synergies, (12)
unanticipated expenditures with respect to environmental,
safety and health laws, (13) the performance
by customers of their obligations under purchase
agreements, and (14) the timing and occurrence
of events which are beyond the control of the
Company, including events related to asbestos
related claims. It is not possible to foresee
or identify all such factors. Any forward-looking
statements in this news release are based on
certain assumptions and analyses made by the
Company in light of its experience and perception
of historical trends, current conditions, expected
future developments, and other factors it believes
are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance
and actual results or developments may differ
materially from expectations. While the Company
continually reviews trends and uncertainties
affecting the Company's results of operations
and financial condition, the Company does not
intend to update any particular forward looking
statements contained in this news release.
Contacts:
OWENS-ILLINOIS,
Sara Theis,
419-247-1297
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