O-I prevails in international arbitration against Venezuela
Owens-Illinois, Inc. reported that its Dutch subsidiary, OI European Group B.V. (OIEG), has prevailed in an international arbitration against Venezuela. OIEG has been awarded more than $455 million for Venezuela’s unlawful expropriation of OIEG’s majority interest in two plants in Venezuela. The award was issued March 10 by a tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID).
Schott rebuilding after fire at Pennsylvania plant
The Schott Glass plant in Duryea, Pennsylvania, is beginning to come back online after a major fire earlier this month. The fire broke out the evening of March 3 causing more than $50 million in damage and temporarily closing down operations.
Russian crystal factory resumes production
Russian Dyatkovo Crystal Factory resumed its production in February. In Bryansk region there has been crystal production since two centuries but in recent years has fallen on hard times and was actually on the verge of closing. It is now being revived; restoration work began in May last year, and in December was ready to light up a new glass furnace. The new site employes 170 people.