O-I Glass is the world's largest manufacturer of glass containers, producing glass bottles and jars for food and beverage companies. About 62% of volume goes to alcoholic beverages — beer, wine, and spirits like Scotch whisky, cognac, bourbon, and tequila — with the remaining 38% covering non-alcoholic beverages and food products including sauces, condiments, juices, and waters. O-I sells directly to large multinational customers like Anheuser-Busch InBev, Diageo, Heineken, and Coca-Cola, as well as smaller regional producers, under annual or multi-year supply contracts that often include cost pass-through provisions for energy and inflation. O-I operates two geographic segments: Americas (30 plants across the U.S., Brazil, Mexico, and other Latin American countries) and Europe (33 plants across ten countries). The European business is notable in that roughly 40% of its production is exported, particularly premium spirits destined for the U.S. and China, making it sensitive to global trade flows. Glass manufacturing has high fixed costs, so profitability is heavily tied to capacity utilization, energy costs, and selling price. Since 2024, O-I has been executing its "Fit to Win" restructuring program, targeting at least $750M in cumulative cost savings through 2027 via SG&A cuts, plant closures, and supply chain optimization. O-I carries elevated leverage and is focused on debt reduction, with no dividends or buybacks planned in the near term.