O-I is considering the AU$1 billion (US$675.1 million) sale of its Asia-Pacific container glassmaking business.
It has appointed investment bank Goldman Sachs to negotiate the sale of its Asia-Pacific segment, which generated about 10% of its global sales last year.
O-I is the world largest container glassmaker. Its Asis-Pacific manufacturing operations consist of four glass manufacturing plants in Australia, two in China and one each in Indonesia and New Zealand.
It also has joint venture operations in Vietnam, Malaysia and China.
In its 2018 full-year earnings it said glass container shipments in Asia-Pacific had fallen by 3% compared to the year before.
O-I's Kate Hobson said: "As previously disclosed, as part of our stated goal of reducing debt and maximizing shareholder value, O-I is conducting a strategic review of its business portfolio. We cannot provide any more information at this time."