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01 FOR IMMEDIATE RELEASE For more information , contact : Chris Manuel Vice President of Investor Relations 567-336-2600 Chris.Manuel@o-i.com Exhibit 99.1 O - I GLASS REPORTS FIRST QUARTER 2021 RESULTS Performance was consistent with original guidance despite significant impact of severe weather PERRYSBURG , Ohio ( April 28 , 2021 ) - O - I Glass , Inc. ( “ O - I ” ) ( NYSE : OI ) today reported financial results for the first quarter ended March 31 , 2021 . " O - I's first quarter business performance was strong and consistent with our original guidance . This was accomplished despite the significant impact of severe weather that disrupted operations in Texas , Oklahoma and Mexico . Aside from this temporary event , business trends were favorable . Excluding the effect of recent divestitures , sales volume was consistent with last year despite the impact of severe weather and COVID - 19 related restrictions . Favorable trends accelerated as the quarter progressed . Furthermore , continued strong operating performance and the company's margin enhancement initiatives offset the impact of severe weather . First quarter cash flow trends were favorable considering typical business seasonality reflecting our continued focus on working capital management , ” said Andres Lopez , CEO . " We continue to take bold actions to improve O - I's business fundamentals . Following a very successful startup , our first full - scale commercial MAGMA production line is now operational and the team is conducting the necessary tests to validate this revolutionary technology . In addition , we recently announced a $ 75 million investment to further expand a facility in the Andean market where demand for glass containers exceeds current capacity . Also , as part of its margin enhancement initiatives , O - I has formed a strategic partnership with Accenture to manage its global shared service center activity that is expected to increase capability , improve agility and reduce future SG & A costs . Finally , as announced on Monday , our Paddock Enterprises , LLC subsidiary reached an agreement in principle to accept the terms of a mediator's proposal regarding a consensual plan of reorganization under the Bankruptcy Code . The agreement provides for total consideration of $ 610 million to fund a trust on the effective date of a plan of reorganization , subject to definitive documentation and satisfaction of certain conditions . This represents a major milestone as we seek a fair and final resolution to legacy asbestos - related liabilities . All of these actions are consistent with our strategy to increase shareholder value . " " I believe the company is at an important inflection point as we advance our bold plan to change O - I's business fundamentals . Reflecting our efforts to increase stability and agility , we have demonstrated a step change in our resilience as well as ability to consistently perform and deliver on our commitments . At the same time , we are removing the constraints of the past including legacy asbestos liabilities while moving forward with breakthrough innovations like MAGMA . We expect these and other key strategic actions will usher in a new period of prosperity for O - I , ” concluded Lopez . 1