Libbey announces recommended plan to close facility in Shreveport

TOLEDO, Ohio, July 8, 2020 /PRNewswire/ — Libbey Inc. (OTC: LBYYQ) (“Libbey” or the “Company”), one of the world’s largest glass tableware manufacturers, today announced a tentative plan to close its manufacturing facility in Shreveport, Louisiana, as the Company continues to take actions to reduce costs and align manufacturing capacity with lower levels of projected demand. Libbey will negotiate this recommendation further with the unions representing its employees prior to finalizing a decision.

Mike Bauer, chief executive officer of Libbey, said, “Over the last few years, we have experienced declining demand in our core markets, which has contributed to overcapacity. This has been exacerbated by COVID-19. The recommendation to close our facility in Shreveport will better align our cost structure with current and expected customer demand as we position Libbey for the future. If the closure occurs, we will leverage our existing U.S. and international manufacturing footprint, along with our best-in-class sourcing capabilities, to continue to provide industry-leading service to our customers and end users.”

He continued, “Although difficult, we believe this is a necessary step in transforming Libbey for success in the post-COVID-19 era, and we recognize the impact it could have on our 450 employees in Shreveport, their families and the communities in which we operate. We will work constructively with the unions representing Libbey employees and will keep all stakeholders informed as we consider our final decision about our continued operations.”

This tentative plan, if implemented, would wind down Libbey’s manufacturing operations in Shreveport by the end of 2020. The Company’s distribution center in Greenwood, Louisiana, is not impacted by this announcement and will remain open.