Shipments of O-I’s glass containers were down 1% in Q3 2021 due to choppy demand patterns stemming from low inventory levels and ongoing global supply chain issues.

In its latest financial report, the world’s largest container glass manufacturer reported that production levels had rebounded from the prior year, which had been impacted by lockdowns.

Andreas Lopez, CEO, said the combination of market conditions for glass containers, O-I's ongoing transformation and the introduction of MAGMA was building a favourable pathway for the company.

“Yes, to an agile and resilient company. Yes, to a new paradigm for glass and yes to profitable growth. We are confident these plans will enhance value for all our stakeholders and ensure sustainable prosperity for O-I.”

He added that the Magma Generation 1 line has been commercialised in Germany, while its Generation 2 line in Streator, Illinois was piloted in the second half of this year.

The company is investing up to $680 million over the next three years which will include up to 11 Magma lines. Expansion plans are focused on its markets across Latin America, premium spirits in the US and the UK and premium beer in Canada.

Mr Lopez added that glass is poised to benefit from key mega trends such as wellness, sustainability and premiumisation. Global market growth is anticipated to rise 1.6% a year and higher in the principal regions where it operates.

"Given these trends and a revitalised commercial approach, we are investing in new capacity to enable key growth opportunities within our strong organic commercial pipeline.”