O-I Glass is to close two production furnaces in Europe by January 15.
The closures, which are part of the company's Fit to Win initiative to reduce excess capacity, are expected to impact approximately 100 people.
Employees were told the news on Thursday last week (December 12).
The company expects to record charges of $72 million for these closures.
Major components of the charges include approximately $40 million for impairment of plant-related assets, such as the closed furnaces and related machinery.
It also includes $32 million for employee separation benefits and other costs related to the closing (of which approximately $24 million relate to future cash expenditures).
