UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

(Amendment  No. 1)
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Owens-Illinois Inc 
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
69076840
(CUSIP Number)



 CUSIP No.   69076840
(1)	Names of Reporting Persons; S.S. or I.R.S. Identification Nos. of  
    Reporting Persons

    Union Bank of Switzerland, None


(2)	Check the Appropriate Box if a Member of a Group (See Instructions)


(a)	



(b) X	
This report includes holdings of certain subsidiaries of the Union Bank of
Switzerland  (UBS) pursuant to a no action letter to UBS by the staff of the 
SEC dated November 23, 1992. UBS does not hereby affirm the existence of a   
group within the meaning of Rule 13d-5(6)(1).    

(3)	SEC Use Only

(4)	Citizenship or Place of Organization
             Switzerland


Number of Shares Beneficially Owned by Each Reporting Person With
(5)
Sole Voting Power


(6)
Shared Voting Power


(7)
Sole Dispositive Power


(8)
Shared Dispositive Power



(9)  Aggregate Amount Beneficially Owned by Each Reporting Person 
                        


(10)	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See 
Instructions)



(11) Percent of Class Represented by Amount in Row (9)



(12)Type of Reporting Person (See Instructions)
00

Item 1 (a)
Name of Issuer:

Owens-Illinois Inc


Item 1 (b)
Address of Issuer's Principal Executive Offices:
One Seagate, Toledo Ohio   43666


Item 2 (a)
Name of Persons Filing:


 Union Bank of Switzerland


Item 2 (b)
Addresses of Principal Business Offices or, if none, Residence:
Bahnhofstrasse 45, 8021 Zurich, Switzerland


Item 2 (c)
Citizenship:

 Switzerland


Item 2 (d)
Title of Class of Securities:


Common Stock, $.01


Item 2 (e)
CUSIP Number:

690768403


Item 3
If this statement is filed pursuant to Rules 13d-1(b), or 13(d)-2(b),



Check whether the person filing is a:



(a)      Broker or Dealer registered under Section 15 of the Act



(b) X  Bank as defined in section 3(a) (6) of the Act - See item 2(b) of cover  
       sheet

(c)    Insurance Company as defined in section 3(a) (19) of the Act

(d)    Investment Company  registered under section 8 of the Investment 
        Company Act

(e)    Investment Adviser registered under section 203 of the Investment 
       Advisers Act of 1940

(f)    Employee Benefit Plan, Pension Fund which is subject to the provisions  
       of the Employee Retirement Income Security Act of 1974 or Endowment  
       Fund; see sect 240.13d-1(b) (1) (ii) (F)

(g) Parent Holding Company, in accordance with sect 240.13d-1(b) (ii) (G)

(Note:  See Item 7)

(h) X  Group, in accordance with sect 240.13d-1(b) (1) (ii) (H)

                   See item 2(b) of the cover sheet

Item 4
Ownership

The percent of class owned as of December 31, 1996 did not exceed five percent.

Item 5
Ownership of Five Percent or Less of a Class


If this statement is being filed to report the fact that as of the date hereof  
the reporting person has ceased to be the beneficial owner of more than five  
percent of the class of securities, check the following  [ X ]

Item 6 Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable


Item 7 Identification and Classification of the Subsidiary Which Acquired 
          the Security Being Reported on By the Parent Holding Company

Not Applicable

Item 8  Identification and Classification of Members of the Group

Not Applicable

Item 9  Notice of Dissolution of Group

Not Applicable




Item 10 Certification

Not Applicable




SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify  
that the information set forth in this statement is true, complete and correct.

Date: February 11,1997


Union Bank of Switzerland


By: 

Name: Robert C. Dinerstein                  

Title:  Senior Managing Director
          and General Counsel



By: 


Name:  Janet R. Zimmer                  

Title:  Managing Director