{"id":1307,"date":"2024-08-01T07:47:49","date_gmt":"2024-08-01T11:47:49","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=1307"},"modified":"2024-08-01T07:47:49","modified_gmt":"2024-08-01T11:47:49","slug":"o-i-glass-battles-soft-market-outlines-turnaround-plan","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=1307","title":{"rendered":"O-I Glass battles soft market, outlines turnaround plan"},"content":{"rendered":"


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The company has lowered its full-year forecast to reflect the softer market conditions. Credit: O-I Glass.<\/figcaption><\/figure>\n<\/p><\/div>\n

Glass packaging giant O-I Glass<\/a> has reported a challenging second quarter, marked by declining sales and profits.<\/p>\n

The company attributed the performance to a combination of softer macroeconomic conditions and ongoing destocking within the supply chain.<\/p>\n

Net sales for the quarter totalled $1.7bn, a 11% decrease compared to the same period in 2023.<\/p>\n

O-I Glass said this decline was primarily driven by a 4.5% drop in sales volume, as customers continued to reduce inventory levels.<\/p>\n

Average selling prices also declined during the quarter.<\/p>\n

Segment operating profit fell to $233m from $326m in the prior year.<\/p>\n

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