libbey

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Libbey Updates Reorganization Plan

As Libbey continues to navigate its recent bankruptcy filing, it has filed an amended plan of reorganization and a related disclosure statement in the U.S. Bankruptcy Court for the District of Delaware.

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Libbey To Shutter Shreveport Factory

As Libbey continues to navigate its Chapter 11 filing, the company plans to close its Shreveport, LA, factory. The closure is part of cost reduction measures and to better align manufacturing capacity with lower levels of projected demand.

Financials
Libbey Reports Net Loss In Q1

Libbey reported its first quarter revenue was down with a net loss of $78.7 million in the period ending March 31. The loss comes on the heels of the company filing for a court-supervised reorganization under Chapter 11.

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Libbey Halts U.S. Production Amid Coronavirus Concerns

Libbey has temporarily halted production at its Toledo, OH, and Shreveport, LA, manufacturing facilities for a minimum of two weeks beginning March 23. Company officials stated the changes are in response to the continued spread of COVID-19 and uncertainty regarding the potential impact on the company’s business demand.

Financials
Libbey Q4 Net Sales Decline

Libbey has reported a decrease in its net sales and a wider net loss for the fourth quarter. The company stated the decrease was due to a challenging market and a shortened fourth quarter 2019 holiday season.

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Libbey Appoints Amezquita Chief Financial Officer

Libbey Inc. has appointed Juan Amezquita as the company’s svp/chief financial officer and treasurer, effective January 13, 2020. He succeeds James Burmeister, who has served as Libbey’s CFO since March 2017. Burmeister will remain at the company as svp/chief operating officer. 

Executive Profile
Mike Bauer, Libbey

While still new in his role as CEO of Libbey, a market leader in the glassware industry, Mike Bauer has more than 30 years of experience with leading consumer product companies.

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Libbey To Drive Growth With Corporate Restructuring

Libbey is kicking off a corporate organizational realignment plan that company officials said is designed to drive improved performance and growth. It said the plan is expected to reduce annual pre-tax run-rate costs by approximately $9 million to $11 million.

Financials
Libbey Sharpens Focus In Soft Q2

Facing what the glassware manufacturer called soft market conditions in several regions and channels, Libbey maintained that its second quarter outpaced its expectations, with modest sales growth in the U.S.

Tabletop
Libbey Names Bauer CEO As Foley Retires

Libbey Inc. has named Mike Bauer as the company’s next CEO, effective March 25. Bauer was also appointed to the company’s board of directors, also effective March 25. Bill Foley, Libbey’s current CEO and chairman of the board, will retire as CEO effective March 24, but will remain with the company as executive chairman of the board.

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