Libbey Inc. to relocate some production to Toledo
Glassmaker looks to move work from Shreveport, La.
2/22/2013Glassmaker Libbey Inc. announced a tentative plan today to relocate some production to Toledo from a plant in Shreveport, La., as part of an effort to realign production in North America.
The announcement came as Libbey reported its fourth-quarter and full-year earnings. It wasn't clear whether moving production would add jobs to the Toledo facility. Libbey said about 200 positions would be lost in Shreveport if the plan is implemented.
"These changes would enable Libbey to reduce manufacturing capacity and improve asset utilization across our North American facilities, while continuing to meet the needs of our customers worldwide," Libbey chief executive officer Stephanie Streeter said in a statement. "We regret the impact these changes would have on our affected Shreveport associates, but they are necessary to strengthen Libbey's financial and competitive position."
The company said net sales for the year grew about 1 percent to $825 million. Libbey said it earned $7 million, down from $23.6 million in 2011. The company showed a $31.1 million loss on redemption of debt for 2012.