Libbey Inc. recently announced that it is realigning its production capacity in order to improve its cost structure. The plan calls for the closure of its manufacturing facility in City of Industry, Calif., in early 2005 and the realignment of production among its other glass manufacturing facilities. The company expects to record pretax restructuring and other charges of $24 million to $27 million, of which approximately $22 million to $25 million is expected to be recorded in 2004 and $2 million to $5 million is expected to be recorded in 2005. The City of Industry factory currently employs approximately 200 people. Libbey expects to continue to operate its full service distribution center in Mira Loma, Calif., which employs approximately 35 people. The capacity realignment is expected to result in a net reduction of approximately 140 employees, or approximately 3.7% of Libbey Inc.'s total employment worldwide.
For more information, call (419) 325-2279 or visit http://www.libbey.com