Libbey said it has reached consensual, ratified agreements with the United Steelworkers (USW) and the International Association of Machinists & Aerospace Workers (IAM) regarding modifications to their collective bargaining agreements and union-related retiree health and welfare benefits.
The agreed-upon modifications would provide cost reductions that are essential to the company’s reorganization and would extend through September 2024, providing significant stability to the company, Libbey said. The modifications are subject to bankruptcy court approval, which is expected either before or concurrent with confirmation of Libbey’s plan of reorganization later this year.
Mike Bauer, CEO of Libbey, said, “These agreements are the result of good-faith negotiations in which both the USW and IAM leadership and Libbey management invested significant time and effort. The ratification of these modifications to our CBAs by our union employees is a key milestone on Libbey’s path toward emerging from bankruptcy with the agility to succeed post-emergence.”
Libbey noted that it continues to serve customers, providing glassware and other tabletop products. The company said it expects to successfully emerge from Chapter 11 later this year.