O-I has confirmed it is conducting a strategic review of its Australian and New Zealand (ANZ) glassmaking business.

It said the review was aimed at exploring options to maximise investor value and may result in a divesture.

Last month Glass International reported that the world’s largest container glassmaker was considering selling its ANZ business for AU $1 billion ($675.1 million).

It appointed Goldman Sachs investment bank to negotiate the sale of the segment, which generated about 10% of its global sales last year.

In its latest financial report the company said: “The strategic portfolio review is aimed at exploring options to maximise investor value, focused on aligning the company’s business with demand trends, improving the company’s operating efficiency, cost structure and working capital management, while ensuring the company remains well-positioned to address its legacy liabilities.

“The review is ongoing and may result in divestitures, corporate transactions or similar actions, and could cause the company to incur restructuring, impairment, disposal or other related charges in future periods.”