O-I will invest approximately $75 million in an expansion at its Zipaquirá, Colombia facility.

The investment will include the addition of a fourth furnace at the site.

The Zipaquirá facility will be one of O-I's largest facilities and the most cost-effective in its network, the world's largest container glass manufacturer said.

Upon completion by the end of 2022, the project is expected to add nearly 2% of capacity to the company’s Americas segment and produce about 500 million bottles annually.

Andres Lopez, O-I CEO, said strong market growth and affinity for glass was fueling demand for glass packaging in the Andean market.

He aid: “Working with our customers, we aim to enable profitable growth in attractive markets such as this new furnace at Zipaquirá and last year’s expansion at Gironcourt, France.

"At the same time, we are fully committed to reducing debt and optimising our business portfolio supported by our tactical and strategic divestiture programme.

"To date, we have completed approximately $900 million of divestitures with proceeds directed to reduce debt.

"To support the Zipaquirá expansion and maintain our debt reduction targets, we have expanded our total divestiture target to $1.15 billion or higher by the end of 2022.

"As we strive to increase shareholder value, we believe these actions will generate profitable growth, higher margins, enhance our business portfolio and strengthen our balance sheet,” he said.