Item 2. - Properties

We consider our plants and other physical properties, whether owned or leased, to be suitable, adequate, and of sufficient productive capacity to meet the requirements of our business. The manufacturing plants operate at varying levels of utilization depending on the type of operation and market conditions. The breakdown of our principal manufacturing plants at June 30, 2020 were as follows:

Flexibles Segment

This segment has 181 principal manufacturing plants located in 39 countries, of which 130 are owned directly by us or our subsidiaries and 51 are leased from outside parties. Initial building lease terms typically provide for minimum terms in a range of two to 36 years and have one or more renewal options.

Rigid Packaging Segment

This segment has 50 principal manufacturing plants located in 11 countries, of which 12 are owned directly by us or our subsidiaries and 38 are leased from outside parties. Initial building lease terms typically provide for minimum terms in a range of two to 20 years and have one or more renewal options.

Corporate and General

Our principal executive offices are located in Zurich, Switzerland.