Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Exhibit 99.1

FOR IMMEDIATE RELEASE

For more information, contact:

Chris Manuel

Vice President of Investor Relations

567-336-2600

Chris.Manuel@o-i.com

O-I REPORTS SECOND QUARTER 2020 RESULTS

Improving business trends as markets reopen

PERRYSBURG, Ohio (August 4, 2020)

“The first half of 2020 was the most challenging business environment in decades given the sudden onset of the pandemic. However, the second quarter ended on a positive note. After enduring the brunt of COVID-19 in April and May, O-I’s sales volume improved significantly in the latter part of the quarter as markets started to reopen. Likewise, continued strong operating performance and cost control measures helped partially mitigate the impact of the pandemic and contributed to very good cash flow in the quarter,” said Andres Lopez, O-I CEO.

“O-I successfully advanced a number of important strategic efforts to create long-term value. The company’s turnaround initiatives provided a strong platform to improve operating performance and navigate the pandemic. O-I recently completed the sale of its Australia and New Zealand (“ANZ”) operation to optimize its structure and reduce debt. Furthermore, refinancing efforts improved the company’s financial flexibility, and the Paddock Chapter 11 process continues to progress as O-I seeks a final resolution of its legacy asbestos liabilities. Consistent with O-I’s goal to revolutionize glass, the company remains on track with the Generation 1 MAGMA installation in early 2021 that will pave the way for broader deployment starting in 2022,” added Lopez.

Summary

¹ Adjusted earnings per share, segment operating profit of reportable segments (“segment operating profit”), free cash flow, adjusted net interest expense, adjusted effective tax rate and net debt (total debt less cash) are non-GAAP financial measures. See tables included in this release for reconciliations to the most directly comparable GAAP measures.