Libbey Inc. announced that it has signed an agreement to sell its City of Industry, Calif., property -- consisting of approximately 27 acres of land -- for $17 million. As previously announced, the company plans to close its City of Industry manufacturing facility in February of 2005. The company anticipates that the closing of the land sale will occur by the end of 2004, but that it will lease the property back from the buyer for a period of up to one year at a base rent equal to $1 per year. Pursuant to the agreement, Libbey will be responsible for demolishing the buildings on the property, as well as for related site work, the cost of which is expected to be approximately $4 million to $6 million in 2005.
The company's website is located at http://www.libbey.com.