O-I drops MAGNA

O-I halt further MAGMA development and operations

Gordon Hardie, Chief Executive Officer of O-I Glass stated during a 2025 second quarter results briefing: “Following a comprehensive review, we have made the financially prudent decision to halt further MAGMA development and operations. While the earlier stages delivered meaningful technical advancements, we have concluded the platform does not have a pathway to the operational or financial return requirements as previously outlined.”

“Through our ‘Best at Both’ operations strategy, as outlined at Investor Day, we believe we can drive significantly higher premium output at lower operating cost and capital intensity than MAGMA would have realized in the coming years. This decision aligns with our focus on driving competitiveness and economic profit. Accordingly, we intend to reconfigure our Bowling Green facility into a best-cost, premium-focused operation. We are confident this is the right path forward for our business, our customers, and our shareholders,” 

While the company's reported earnings declined year-over-year due to restructuring charges, adjusted earnings rose 20% compared to the second quarter of last year. It’s continued performance on Fit to Win initiatives to improve competitivity has more than offset macroeconomic softness in several markets.

Year-to-date, Fit to Win benefits have reached $145 million, reinforcing confidence in achieving or surpassing the ambitious goals with adjusted earnings increasing 60 to 90% over 2024.

O-I YouTube MAGNA presentation