O-I Expands Its Stock Repurchase Program: Board Approves $500 Million of Future Share Repurchases

FOR IMMEDIATE RELEASE

For more information, contact:
David Johnson
Vice President, Investor Relations
Perrysburg, Ohio, US
567 336 2600
dave.johnson@o-i.com

Lisa Babington
Director, Corporate Communications
Perrysburg, Ohio, US
567 336 1445
lisa.babington@o-i.com


                    O-I Expands Its Stock Repurchase Program
            Board Approves $500 Million of Future Share Repurchases

PERRYSBURG, Ohio (October 28, 2014) - Owens-Illinois, Inc. (NYSE: OI) today
announced that its Board of Directors has increased the Company's share
repurchase authorization to $500 million. The authorization expires on December
31, 2017, and includes the approximately $85 million remaining under the current
program.

"In light of our strong cash generation and the health of our balance sheet, we
are nearing an inflection point in our capital allocation priorities," said
Chairman and Chief Executive Officer Al Stroucken. "We plan to significantly
increase our share buybacks beginning next year, while continuing to invest
strategically in the business and to reduce debt."

The Company expects to repurchase at least $100 million in shares of the
Company's common stock in 2015.

Under the stock repurchase program, the Company may repurchase shares from time
to time in open market transactions, accelerated stock buyback programs, tender
offers, privately negotiated transactions or by other means. Repurchases may
also be made under a Rule 10b5-1 plan. The timing and amount of repurchase
transactions will be determined by the Company's management based on its
evaluation of market conditions, share price, legal requirements and other
factors. The program may be suspended, modified or discontinued at any time
without prior notice.


About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container
manufacturer and preferred partner for many of the world's leading food and
beverage brands. The Company had revenues of $7.0 billion in 2013 and employs
approximately 22,500 people at 77 plants in 21 countries. With global
headquarters in Perrysburg, Ohio, USA, O-I delivers safe, sustainable, pure,
iconic, brand-building glass packaging to a growing global marketplace. For more
information, visit www.o-i.com.

O-I's Glass Is Life(TM) movement promotes the widespread benefits of glass
packaging in key markets around the globe. Join us in the #betteringlass
conversation at www.glassislife.com.

Forward looking statements
This document 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. The words "believe," "expect,"
"anticipate," "will,"
"could," "would," "should," "may," "plan,"
"estimate," "intend," "predict,"
"potential," "continue," and the negatives of these words and other
similar
expressions generally identify forward looking statements. 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) foreign
currency fluctuations relative to the U.S. dollar, specifically the Euro,
Brazilian real and Australian dollar, (2) changes in capital availability or
cost, including interest rate fluctuations and the ability of the Company to
refinance debt at favorable terms, (3) the general political, economic and
competitive conditions in markets and countries where the Company has
operations, including uncertainties related to economic and social conditions,
disruptions in capital markets, disruptions in the supply chain, competitive
pricing pressures, inflation or deflation, and changes in tax rates and laws,
(4) consumer preferences for alternative forms of packaging, (5) cost and
availability of raw materials, labor, energy and transportation, (6) the
Company's ability to manage its cost structure, including its success in
implementing restructuring plans and achieving cost savings, (7) consolidation
among competitors and customers, (8) the ability of the Company to acquire
businesses and expand plants, integrate operations of acquired businesses and
achieve expected synergies, (9) unanticipated expenditures with respect to
environmental, safety and health laws, (10) the Company's ability to further
develop its sales, marketing and product development capabilities, and (11) the
timing and occurrence of events which are beyond the control of the Company,
including any expropriation of the Company's operations, floods and other
natural disasters, events related to asbestos-related claims, and the other risk
factors discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 2013 and any subsequently filed Quarterly Report on Form 10-Q. It
is not possible to foresee or identify all such factors. Any forward looking
statements in this document 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 assume any obligation to update or supplement
any particular forward looking statements contained in this document.


Share Repurchase release: 
http://hugin.info/150659/R/1866516/655666.pdf



This announcement is distributed by GlobeNewswire on behalf of 
GlobeNewswire clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Owens-Illinois, Inc. via GlobeNewswire
[HUG#1866516]