26 February 1998: The UK“s Pilkington plc, the parent company of Toledo, Ohio-based Libbey-Owens-Ford Co., has denied a report published in the British paper “The Mail“ on 18 January 1998. The repo…
26 February 1998: The UK“s Pilkington plc, the parent company of Toledo, Ohio-based Libbey-Owens-Ford Co., has denied a report published in the British paper “The Mail“ on 18 January 1998. The report said the firm is about to warn that its profit for the 1998 financial year will not meet expectations. The newspaper report also said that profits forecasts on Pilkington would be cut back by analysts as a result of economic slow down and currency devaluations in Asia. Pilkington announced a cost-cutting plan on 29 October 1997 that calls for the elimination 6,000 jobs and a charge of US$ 334 million.