Libbey Glass announces deal to exit Europe
Toledo-based Libbey Glass announced that it is entering into an agreement to sell its European operations.
Libbey said that in addition to its European operations, the same agreement includes selling the Royal Leerdam and Crisal Glass brands to Anders Invest Co-Invest Fund 3 CoöperatiefU.A.
Libbey’s European operations, representing a small portion of Libbey’s global market presence, include a manufacturing and distribution facility in Leerdam, Netherlands and a manufacturing facility in Marinha Grande, Portugal, Libbey said in its announcement Wednesday.
“We believe we’ve found a good fit for our European business unit with Anders Invest, which is headquartered in the Netherlands, has a successful track record of actively managing and growing industrial companies, and intends to make future investments in the European operations,” Mike Bauer, chief executive officer of Libbey, said in a statement.
“While Libbey will continue to operate as a global business, the proposed transaction paves the path for us to better leverage our core strengths and accelerate long-term, sustainable growth, while meeting the needs of customers and end-users and inspiring the makers of drinks, makers of meals, and makers of memories,” he said.
Terms of the sale, expected to close within the coming weeks, were not disclosed. Libbey and Anders Invest plan to maintain a commercial relationship, including uninterrupted access to products and other support, the announcement said.
The sale of its European operations allows Libbey to strategically prioritize and expand its business within its core markets, especially the Americas, Libbey also said.
In March, Toledo City Council approved a 10-year, 10 percent job retention tax credit in an effort to keep Libbey Glass in Toledo. The company filed for bankruptcy in 2020. The Libbey plant, which has been operating on Ash Street for more than 134 years, employs about 844 people full-time.
Posted By: The Toledo Blade on May 19, 2022. For more information, please click here to read the source article.
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