News

Owens-Illinois, the glass container manufacturer, has reported a 2% fall in gross profit to $407.3m (£246.3m) for the third-quarter of the year.

The company's net sales for the third-quarter totalled $2bn, an increase of 4% on the same period of 2007.

It said higher prices and an improved product mix added $149m to sales, offsetting a decline in the volume.

Al Stroucken, chairman and chief executive, said: "These results are a clear affirmation of our strategic priorities. Our ability to react quickly to changing demand patterns and customer inventory corrections in a highly inflationary environment is serving us well."

The company incurred an after-tax charge of $79.7m for restructuring and related asset impairments.

The company reported that new lawsuits and claims against it in the first nine months of the year was 47% lower than last year. It has 13,000 asbestos-related lawsuits and claims pending.

The company sold its plastic packaging business in July 2007.

The company employs more than 23,000 people in 79 manufacturing facilities across the world. It has two UK plants in Harlow, Essex, and Alloa, central Scotland.