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News from the glass and refractory ceramics world

CTT-Refractory and glass news

Owens-Illinois CFO to leave company

Steve Bramlage, senior vice president and chief financial officer for Owens-Illinois (O-I) will leave the company, effective March 31, 2015. Until a replacement is found, John Haudrich, vice president, finance, and corporate controller, will assume the responsibilities of the CFO.

Sun-steklorovinga to invest in fiberglass plant

Company Sun-steklorovinga will be a new resident of the special economic zone “Titanium Valley” in Sverdlovsk Oblast of the Urals Federal District of Russia. The company will invest 2.2 billion rubles in the construction of a plant for the production of fiberglass.

SMC completes acquisition of Aussie bottler

The packaging arm of conglomerate San Miguel (Manila, Philippines) has completed the acquisition of Vinocor Worldwide Direct Pty. Ltd., a leading supplier of wine bottle closures and customized bottles in Australia; this acquisition was made by San Miguel Yamamura Packaging International Ltd. through its new Australian subsidiary SMYV Pty Ltd.

Ardagh reports strong growth on back of Verallia deal

Ardagh reports strong growth on the basis of the acquisition of Verallia; the packaging group reports improved margins with profit growth driven by metals business. The global packaging group Ardagh posted a 24% rise in revenues to €1.2 billion in the fourth quarter of 2014. However, when the acquisition of Verallia North America and other matters are taken into account, revenue in the fourth quarter was up just 2% on the same period in 2013 on a constant currency basis.

SGL steps up cost-cutting efforts

Germany’s SGL has stepped up cost cutting efforts again to grapple with a difficult market for graphite electrodes used in steel recycling. The group on Wednesday lifted the overall savings target of its ongoing efficiency program to 240 million euros ($254 million), having already increase the target to 200 million euros from 150 million euros in September. Adjusted earnings before interest and tax (EBIT) diminished to 2.7 million euros last year, down from 22.8 million in 2013, based on supplier statement.