Libbey Inc. expects its sales and EBITDA (excluding any one-time charges) for the 4Q ending 31 December 2008, to be significantly lower than its previous guidance of USD 210.0 million to USD 220.0 mil…
Libbey Inc. expects its sales and EBITDA (excluding any one-time charges) for the 4Q ending 31 December 2008, to be significantly lower than its previous guidance of USD 210.0 million to USD 220.0 million in sales and EBITDA of USD 20.5 million to USD 23.5 million, provided on 16 October 2008. John F. Meier, chairman and chief executive officer, said, “The recent and dramatic slowdown in the foodservice and retail channels, weaknesses in the Mexican peso and declining consumer confidence in all markets are expected to contribute to reduced results during the 4Q”. Libbey also announced that it plans to close its Mira Loma, California glassware distribution center, which employs about 30 people, in May 2009 and not renew its lease that expires in June 2009. Customers who are currently served by the Mira Loma facility will be served by one of Libbey“s other North American distribution centers. In another cost-cutting measure, Libbey announced that it plans to permanently close its Syracuse China ceramic dinnerware factory in Syracuse, New York, as part of its ongoing effort to improve its cost structure and operating efficiency. The closure is scheduled for completion on or about 27 March 2009. The Syracuse facility currently employs around 275 people.