Owens-Illinois (OI) Awarded Multi-Year Contract By Reed's
Zacks Investment Research | Dec 04, 2017 08:48PM ET
Owens-Illinois, Inc. (NYSE:OI) recently secured a multi-year contract from Reed’s, Inc. (NYSE:REED) to supply glass containers. Per the contract, Owens-Illinois will provide bottles in order to expand the reach of Reed’s all-natural craft beverages.
Based in Los Angeles, CA, Reed's develops, manufactures and markets top-selling sodas in natural foods markets. The latest deal with Owens-Illinois will simplify Reed's supply chain and drive significant cost savings. The contract will also help deliver improved package quality with sustainable, high-quality, brand-building glass bottles, and lower Reed's working capital commitment to glass inventory.
In addition to the above, the contract will assist Owens-Illinois to cope with contraction in the beer market and negative impact of hurricanes in North America sales in the fourth quarter. The largest glass-container maker has been battling the persistent decline in mega beer sales by repositioning the enterprise through joint ventures with Constellation Brands (NYSE:STZ) and some supply contracts.
Owens-Illinois, Inc. Price
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