Ceramic Industry

Libby to Acquire Anchor Hocking Business of Newell Rubbermaid

July 3, 2001
Libbey Inc. and Newell Rubbermaid Inc. recently announced that Libbey has signed a purchase agreement to acquire the Anchor Hocking consumer and specialty glass business of Newell Rubbermaid in a stock purchase for approximately $332 million in cash. In addition, Libbey and Newell Rubbermaid expect to make an election under 338(h)(10) of the Internal Revenue Code with respect to the tax treatment of the transaction, which is expected to provide significant additional tax benefits to Libbey. The Anchor Hocking business manufactures and markets a wide-range of glass products, including beverageware, bakeware, ovenware, serveware, candle containers, vases, storageware and to a lesser extent industrial glass items used by original equipment manufacturers. It operates manufacturing and distribution facilities in Lancaster, Ohio, and Monaca, Pa., and employs approximately 1900 associates.

The company's website is located at http://www.libbey.com.