Gourmet News

O-I Glass Details Strategic Initiatives at NYSE

Published March 17, 2025

The New York Stock Exchange welcomes executives and guests of O-I Glass, Inc. on March 14 to the podium. To honor the occasion, Gordon Hardie, President & Chief Executive Officer, joined by Tara Dziedzic, NYSE Head of US Listings, rings The Closing Bell. (Source: NYSE)

O-I Glass, Inc., a leading supplier of glass packaging, detailed a series of strategic initiatives aimed at enhancing its market position and delivering long-term value to shareholders during its Investors Day presentation at the New York Stock Exchange on March 14.

The Investor Day presentation, titled “The Power of Glass,” features insights from O-I Glass’s leadership team, including Gordon Hardie, presidents and CEO, John Haudrich, SVP and CFO, and other key executives. The agenda covered the company’s business strategy, financial review, and future growth plans, highlighting O-I’s dedication to transforming its cost base, optimizing its value chain, and driving profitable growth with an economic profit mindset.

Hardie stated, “Our multi-horizon approach to value creation, focusing on cost competitiveness and productivity, profitable growth, and strategic optionality, will enable us to reshape our business and deliver lasting value to our shareholders.”

Key Points:

Intent: The company outlined how it intends to put the power of glass within reach of everyone, every day. This will be accomplished through implementation of the company’s three horizon value creation roadmap.
Horizon 1 – Fit to Win: By taking an economic profit mindset, O-I will radically reduce total enterprise costs as well as optimize its entire network and value chain to improve its competitive position. The company has increased its Fit To Win target to generate savings of at least $650 million by 2027. To further improve its competitive position, O-I will incorporate a unique model to be both the lowest cost producer in mainstream categories and best cost producer in premium.
Horizon 2 – Profitable Growth: Leveraging a more competitive position, O-I will drive future profitable growth with winning customers. The company will put glass in more hands through a segmented strategy to expand in attractive categories and capitalize on its valuable relationships with customers around the world.
Horizon 3 – Strategic Optionality: O-I will further grow the business through geographic expansion including potential future corporate development actions as it takes a balanced approach to capital allocation including consistently returning capital to shareholders.
Financial Overview and Outlook: The company is reaffirming its previously announced 2025 guidance of Adjusted Earnings in the range of $1.20 to $1.50 per share and Free Cash Flow between $150 and $200 million. Reflecting the expected benefits from its Fit To Win initiatives, O-I is also reaffirming its 2027 financial targets, including Adjusted EBITDA of at least $1.45 billion, Free Cash Flow of greater than 5% of sales and Economic Spread of at least 2%. Additionally, the company is introducing preliminary 2029 objectives that include longer-term benefits from its expected Profitable Growth and Strategic Optionality efforts.

Slides for the I-Day presentation are available on the Company’s website, www.o-i.com/investors.

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Parmigiano Reggiano Serves Fun at Miami Open

Published March 13, 2025

Parmigiano Reggiano, one of the globe’s most beloved Italian imports, will serve as a first-time, official sponsor of the Miami Open presented by Itaú. Attendees at the annual tennis tournament, which kicks off on March 16 and concludes March 30, can indulge in the Italian cheese courtside and interact with the brand via a series of activations.

“We are delighted to partner with the Miami Open, one of the world’s most prestigious tennis tournaments. Both Parmigiano Reggiano and the Open share the same values of excellence, passion, and well-being,” says Parmigiano Reggiano Chief Marketing Officer Carmine Forbuso. “The U.S. is Parmigiano Reggiano’s largest export market, with an export share of 22 percent – amounting to more than 16,000 tons exported in 2024 – with a daily growing demand from consumers who appreciate high-quality, authentic products.

“We believe the Miami Open is an ideal platform to tell our story and showcase what makes Parmigiano Reggiano unique. We see this as more than a sponsorship, but rather a way to truly connect with both longtime and uninitiated American consumers.”

As the exclusive cheese sponsor at this year’s Miami Open, the brand aims to enhance the fan experience by widely showcasing the DOP product in suite menu packages and concessions – offering both traditional dishes and novel creations such as Parmigiano Reggiano Popsicles. Entire cheese wheels, engraved with the Miami Open logo, will also be on display throughout the tournament, most notably in the Player’s Club.

In addition, the brand will present an array of opportunities for spectators to engage with the brand during the two-week tournament. March 21 will mark Parmigiano Reggiano Day at the stadium, during which celebrity chef David Rocco will put fans to the test with a Parmigiano Reggiano Pronunciation Challenge, quizzing them on the correct pronunciation of the notoriously tricky name of the cheese. Winners will receive Parmigiano Reggiano and additional merchandise.

The lighthearted campaign hopes to bolster the identity of genuine Parmigiano Reggiano, often confused with Italian-sounding hard cheeses and imitators. The activation will also host a crowd-pleasing wheel cracking.

The sponsorship will include social and digital integrations across the tournament, specifically videoboard promotions; visible signage broadcast integration of the Tennis Channel; and dedicated creative within media platforms, social media and in the stadium. The brand will also host media guests, trade partners and retailers throughout tournament sessions.

The Miami Open presented by Itaú attracts nearly 400,000 fans annually to Hard Rock Stadium in Miami Gardens. Founded in 1985, the 15-day event is a 1000-level tournament on both the men’s ATP and women’s WTA tours.

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General Mills Group President Jon Nudi to Retire

Published March 10, 2025

General Mills announced Jon Nudi, Group President, North America Pet, International, and North America Foodservice, will retire on June 30, following a highly successful career with the company spanning more than three decades. Liz Mascolo, currently President for North America Blue Buffalo, will be promoted to Segment President, North America Pet and join the General Mills Senior Leadership Team effective March 16, 2025.

“Jon will leave a lasting legacy at General Mills,” said Jeff Harmening, chairman and CEO, General Mills. “Over the course of his 32 years, Jon embodied what it means to be a dedicated, diligent and visionary leader. His dedication to delivering outstanding results and his unwavering passion for developing future leaders strengthened us for the long term and will be a key part of the indelible mark he leaves. I sincerely thank him for his unwavering commitment and wish Jon nothing but the best as he begins his next chapter.”

Nudi joined General Mills in 1993 and held roles of increasing responsibility across the company, including leading the U.S. Snacks division and the Europe & Australia segment. Prior to his current role, Nudi served as Group President of the North America Retail (NAR) segment for 7 years, where he drove a significant improvement in performance, including strong growth in net sales and segment operating profit, as well as market share gains across the majority of NAR categories.

“While I’m proud of how I contributed to our business results,” said Nudi, “I will most cherish the moments I had connecting and working with the incredibly talented people at General Mills. As someone who started his career as a sales rep in central Pennsylvania but grew to work across the company and globe, I am incredibly thankful for the opportunities the company provided, including being able to develop and mentor some of the company’s next leaders.”

Mascolo has 22 years of experience across a broad set of General Mills brands and businesses. Prior to her current role, she served as Vice President of Strategy and Growth and Vice President of Marketing for the Pillsbury Business Unit and Cheerios Business Unit. Mascolo’s earlier career includes an international position as Global Marketing Director at Cereal Partners Worldwide S.A. and a variety of general management roles. Mascolo holds an MBA from the University of Virginia Darden School of Business and a BS in Government from the University of Notre Dame.

“I am excited to welcome Liz to join our Senior Leadership Team,” continued Harmening. “I’m confident her broad experiences across both human food and pet food – as well as her history of driving growth and innovation – will only strengthen our company further.”

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