O-I announced that its board of directors approved a plan authorising management to repurchase up to $350M of the firm's common shares until Dec 31, 2010. O-I makes glass containers that deliver many of the best-known consumer products to people all around the world. "We believe the Company has substantial prospects for continued earnings growth & the current share price does not reflect the long-term value of the firm," said Al Stroucken, chairman/CEO. "As we evaluate investment alternatives, the repurchase of our stock represents another attractive opportunity to deliver value for shareholders."Repurchases may take place on the open market or through private transactions from time to time based on market conditions, subject to certain conditions & timing restrictions to comply with applicable rules & regulations & may be suspended or discontinued as deemed necessary.
