SCHEDULE 13G 
 
Amendment No. 1 
Owens Illinois Incorporated 
common stock 
Cusip # 690768403 
Filing Fee: No 


Cusip # 690768403 
Item 1:	Reporting Person - FMR Corp. - (Tax ID:  04-2507163) 
Item 4:	Commonwealth of Massachusetts 
Item 5:	653,400 
Item 6:	None 
Item 7:	11,999,900 
Item 8:	None 
Item 9:	11,999,900 
Item 11:	10.09% 
Item 12:	HC  
 
 


Cusip # 690768403 
Item 1:	Reporting Person - Edward C. Johnson 3d - (Tax ID:  029-24-9996) 
Item 4:	United States of America 
Item 5:	None 
Item 6:	None 
Item 7:	11,999,900 
Item 8:	None 
Item 9:	11,999,900 
Item 11:	10.09% 
Item 12:	IN  
 
 


SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS 
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b) 
 
 
Item 1(a).	Name of Issuer: 
 
		Owens Illinois Incorporated 
 
Item 1(b).	Name of Issuer's Principal Executive Offices: 
 
		One Seagate  
		Toledo, OH  43666-0001 
 
Item 2(a).	Name of Person Filing:  
 
		FMR Corp. 
 
Item 2(b).	Address or Principal Business Office or, if None, Residence: 
 
		82 Devonshire Street, Boston, Massachusetts  02109 
 
Item 2(c).	Citizenship: 
 
		Not applicable 
 
Item 2(d).	Title of Class of Securities: 
 
		Common Stock 
 
Item 2(e).	CUSIP Number:   
 
		690768403 
 
Item 3.	This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the 
person filing, FMR Corp., is a parent holding company in accordance 
with Section 240.13d-1(b)(ii)(G).  (Note:  See Item 7). 
 
Item 4.	Ownership 
 
	(a)	Amount Beneficially Owned:
	11,999,900 
 
	(b)	Percent of Class:
	10.09% 
 
	(c)	Number of shares as to which such person has:   
 
	(i)	sole power to vote or to direct the vote:
	653,400 
 
	(ii)	shared power to vote or to direct the vote:
	None 
 
	(iii)	sole power to dispose or to direct the disposition of:
	11,999,900 
 
	(iv)	shared power to dispose or to direct the disposition of:
	None 
 
 


Item 5.	Ownership of Five Percent or Less of a Class. 
 
	Not applicable. 
 
Item 6.	Ownership of More than Five Percent on Behalf of Another Person. 
 
	Various persons have the right to receive or the power to 
direct the receipt of dividends from, or the proceeds from the 
sale of, the common stock of Owens Illinois Incorporated.  No 
one person's interest in the common stock of Owens Illinois 
Incorporated is more than five percent of the total outstanding 
common stock. 
 
Item 7.	Identification and Classification of the Subsidiary Which Acquired 
the Security Being Reported on By the Parent Holding Company. 
 
	See attached Exhibit(s) A, B, and C. 
 
Item 8.	Identification and Classification of Members of the Group. 
 
	Not applicable, see attached Exhibit A.  
 
Item 9.	Notice of Dissolution of Group. 
 
	Not applicable. 


Item 10.	Certification. 
 
	By signing below I certify that, to the best of my knowledge 
and belief, the securities referred to above were acquired in 
the ordinary course of business and were not acquired for the 
purpose of and do not have the effect of changing or 
influencing the control of the issuer of such securities and 
were not acquired in connection with or as a participant in any 
transaction having such purpose or effect. 
 
 
Signature 
 
	After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this 
Schedule 13G in connection with FMR Corp's beneficial ownership 
of the common stock of Owens Illinois Incorporated at May 31, 
1994  is true, complete and correct.  
 
 
 
	June 8, 1994	 
Date 
 
 
 
	/s/Arthur S. Loring 
Signature 
 
 
 
	Arthur S. Loring, Vice 
President	 
Name/Title 
 
 


SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS 
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b) 
 
	Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity 
Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston, 
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an investment 
adviser registered under Section 203 of the Investment Advisers Act of 1940, 
is the beneficial owner of 10,453,400 shares or 8.79% of the common stock 
outstanding of Owens Illinois Incorporated ("the Company") as a result of 
acting as investment adviser to several investment companies registered under 
Section 8 of the Investment Company Act of 1940, and as a result of acting as 
sub-adviser to American Values IV (Bermuda) Ltd. ("AVIV"). 
 
	AVIV is a closed end investment company established under the Companies 
Act, 1981 of Bermuda, as amended.  Its principal office is at Pembroke Hall, 
42 Crow Lane, Hamilton, Bermuda.  The investment manager of AVIV is Fidelity 
International Limited   
 
	Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and the 
Funds each has sole power to dispose of the 10,353,400 shares owned by the 
Funds. 
 
	Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., has 
the sole power to vote or direct the voting of the shares owned directly by 
the Fidelity Funds, which power resides with the Funds' Boards of Trustees.  
Fidelity carries out the voting of the shares under written guidelines 
established by the Funds' Boards of Trustees. 
 
	FMR Corp., through its control of Fidelity, and AVIV each has sole power 
to vote and to dispose of the 100,000 shares owned by AVIV.   
 
	Fidelity Management Trust Company, 82 Devonshire Street, Boston, 
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and a bank as 
defined in Section 3(a)(6) of the Securities Exchange Act of 1934, is the 
beneficial owner of 1,546,500 shares or 1.30% of the common stock outstanding 
of the company as a result of its serving as investment manager of the 
institutional account(s).   
 
	FMR Corp., through its control of Fidelity Management Trust Company, has 
sole dispositive power over 1,546,500 shares and sole power to vote or to 
direct the voting of 553,400 shares, and no power to vote or to direct the 
voting of 993,100 Shares of common stock owned by the institutional account(s) 
as reported above. 
 
	Edward C. Johnson 3d owns 34.0% of the outstanding voting common stock of 
FMR Corp.  Mr. Johnson 3d is Chairman of FMR Corp.  Various Johnson family 
members and trusts for the benefit of Johnson family members own FMR Corp. 
voting common stock.  These Johnson family members, through their ownership of 
voting common stock, form a controlling group with respect to FMR Corp. 
 
	Fidelity International Limited, Pembroke Hall, 42 Crowlane, Hamilton, 
Bermuda, and various foreign-based subsidiaries provide investment advisory 
and management services to a number of non-U.S. investment companies (the 
"International Funds") and certain institutional investors.  Fidelity 
International Limited is also the beneficial owner of 100,000 shares or 0.08% 
of the common stock outstanding of the company owned by AVIV.  Additional 
information with respect to the beneficial ownership of Fidelity International 
Limited is shown on Exhibit B, page 9. 


SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS 
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b) 
 
 
	Pursuant to instructions in Item 7 of Schedule 13G, this Exhibit has been 
prepared  to identify Fidelity International Limited, Pembroke Hall, 42 Crow 
Lane, Hamilton, Bermuda, a Bermudian joint stock company incorporated for an 
unlimited duration by private act of the Bermuda Legislature (FIL) and an 
investment adviser to various investment companies (the "International Funds") 
and certain institutional investors, as the beneficial owner of 100,000 shares 
or 0.08% of the common stock outstanding of Owens Illinois Incorporated owned 
by AVIV. 
 
	Prior to June 30, 1980, FIL was a majority-owned subsidiary of Fidelity 
Management & Research Company (Fidelity), a wholly-owned subsidiary of FMR 
Corp.  On that date, the shares of FIL held by Fidelity were distributed, as a 
dividend,  to the shareholders of FMR Corp.  FIL currently operates as an 
entity independent of FMR Corp. and Fidelity.  The International Funds and 
FIL's other clients, with the exception of Fidelity and an affiliated company 
of Fidelity, are non-U.S. entities. 
 
	A partnership controlled by Edward C. Johnson 3d and members of his 
family owns shares of FIL voting stock with the right to cast approximately 
47.22% of the total votes which may be cast by all holders of FIL voting 
stock.  Mr. Johnson 3d is Chairman of FMR Corp. and FIL.  FMR Corp. and FIL 
are separate and independent corporate entities.  FMR Corp. and FIL are 
managed independently and their Boards of Directors are generally composed of 
different individuals.  Their investment decisions are made independently, and 
their clients are different organizations. 
 
	FMR Corp. and FIL are of the view that they are not acting as a "group" 
for purposes of Section 13(d) under the Securities Exchange Act of 1934 (the 
"1934" Act) and that they are not otherwise required to attribute to each 
other the "beneficial ownership" of securities "beneficially owned" by the 
other corporation within the meaning of Rule 13d-3 promulgated under the 1934 
Act.  Therefore, they are of the view that the shares held by the other 
corporation need not be aggregated for purposes of Section 13(d). However, FMR 
Corp. is making this filing on a voluntary basis as if all of the shares are 
beneficially owned by FMR Corp. and FIL on a joint basis. 
 
	FIL may continue to have the International Funds or other accounts 
purchase shares subject to a number of factors, including, among others, the 
availability of shares for sale at what FIL considers to be reasonable prices 
and other investment opportunities that may be available to the International 
Funds. 
 
	FIL intends to review continuously the equity position of the 
International Funds and other accounts in the Company.  Depending upon its 
future evaluations of the business and prospects of the Company and upon other 
developments, including, but not limited to, general economic and business 
conditions and money market and stock market conditions, FIL may determine to 
cease making additional purchases of shares or to increase or decrease the 
equity interest in the Company by acquiring additional shares, or by disposing 
of all or a portion of the shares. 
 
	FIL does not have a present plan or proposal which relates to or would 
result in (i) an extraordinary corporate transaction, such as a merger, 
reorganization, liquidation, or sale or transfer of a material amount of 
assets involving the Company or any of its subsidiaries, (ii) any change in 
the Company's present Board of Directors or management, (iii) any material 
changes in the Company's present capitalization or dividend policy or any 
other material change in the Company's business or corporate structure, (iv) 
any change in the Company's charter or by-laws, or (v) the Company's common 
stock becoming eligible for termination of its registration pursuant to 
Section 12(g)(4) of the 1934 Act. 
 
	  FIL, FMR Corp., through its control of Fidelity, and AVIV each has sole 
power to dispose of the 100,000 shares owned by AVIV.  FMR Corp., through its 
control of Fidelity, and AVIV each has sole power to vote and to dispose of 
the 100,000 shares owned by AVIV.   


SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS 
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b) 
 
RULE 13d-1(e)  AGREEMENT 
 
	The undersigned persons, on June 8, 1994, agree and consent to the joint 
filing on their behalf of this Schedule 13G in connection with their 
beneficial ownership of the common stock of Owens Illinois Incorporated at May 
31, 1994. 
 
	FMR Corp. 
	By	/s/Arthur S. Loring 
Arthur S. Loring
Vice President - Legal 
		Edward C. Johnson 3d 
	By	/s/Arthur S. Loring 
Arthur S. Loring
Under Power of Attorney dated 
5/17/89
On File with Schedule 13G for
Airborne Freight Corp. 9/10/91 
	Fidelity Management & Research Company 
	By	/s/Arthur S. Loring 
Arthur S. Loring
Sr. V.P. and General Counsel