Libbey Inc. Recommits To Downtown Toledo
-- Signs long-term lease with Toledo Edison to maintain corporate headquarters in Toledo --
TOLEDO, Ohio, Aug. 28, 2012 /PRNewswire/ -- Libbey Inc. (NYSE MKT: LBY) Libbey Inc. has announced it has signed a 15-year lease to keep its global corporate headquarters at Edison Plaza in downtown Toledo, Ohio. Libbey partnered with Mohr Partners, a global real estate advisory firm, to negotiate the lease.
"We are pleased and proud to be making a long-term commitment to maintain our global headquarters in Toledo and we thank Toledo Edison and the State of Ohio for their support," said Stephanie Streeter, chief executive officer, Libbey Inc. "By signing the new lease, we are able to keep Libbey's headquarters in our 'hometown' of Toledo, while supporting our recently announced strategic plan aimed at reducing costs and increasing productivity across our business."
The State of Ohio also awarded Libbey a $1 million economic development grant for capital improvements and a $200,000 grant to enable Libbey to provide additional workforce training.
"What we at JobsOhio and the Regional Growth Partnership have accomplished with Libbey is to sustain and grow an industry that is emblematic of Ohio," said Nate Green, JobsOhio Project Manager. "The natural resources and the workforce are here, both of which are critical to the quality products produced by this company. JobsOhio recognized this and is proud to be part of the effort to support the heritage and success of Libbey Glass."
"Our collaboration resulted in a competitive lease agreement that will keep Libbey in our Edison Plaza property for many years to come," said Randall Frame, President of the Toledo Edison Company. "And it will ensure that the Libbey® brand will continue to be synonymous with Toledo and one of downtown's signature buildings, Edison Plaza. Like Libbey, Toledo Edison has called this region home for more than 100 years and our companies help to make up the fabric of Toledo's business community."
Libbey has also extended its lease with the City of Toledo for its Libbey Glass Factory Outlet store at the Erie Street Market and its lease with CAD Properties for our Libbey Glass Showroom at 335 N. St. Clair.
Renovations in Libbey's new corporate headquarters space are scheduled to begin in late 2012 and will be led by architect and design partner Vocon from Cleveland, Ohio. The redesigned offices will provide associates with a more productive, collaborative and contemporary work environment. Libbey's headquarters associates will relocate to the new work area in phases, with the new space complete in time to celebrate the Company's 125th anniversary in August of 2013.
About Libbey Inc.
Based in Toledo, Ohio, since 1888, Libbey Inc. is the largest manufacturer of glass tableware in the western hemisphere and one of the largest glass tableware manufacturers in the world. It supplies products to foodservice, retail, industrial and business-to-business customers in over 100 countries, and it is the leading manufacturer of tabletop products for the U.S. foodservice industry.
Libbey operates glass tableware manufacturing plants in the United States in Louisiana and Ohio, as well as in Mexico, China, Portugal and the Netherlands. Its Crisa subsidiary, located in Monterrey, Mexico, is a leading producer of glass tableware in Mexico and Latin America. Its Royal Leerdam subsidiary, located in Leerdam, Netherlands, is among the world leaders in producing and selling glass stemware to retail, foodservice and industrial clients. Its Crisal subsidiary, located in Portugal, provides an expanded presence in Europe. Its Syracuse China subsidiary designs and distributes an extensive line of high-quality ceramic dinnerware, principally for foodservice establishments in the United States. Its World Tableware subsidiary imports and sells a full-line of metal flatware and hollowware and an assortment of ceramic dinnerware and other tabletop items principally for foodservice establishments in the United States. In 2011, Libbey Inc.'s net sales totaled $817.1 million.
SOURCE Libbey Inc.
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