Libbey Inc. News

Libbey Inc. Announces Price Increases to Help Mitigate Rapidly Escalating Energy Costs

TOLEDO, Ohio, July 2 PRNewswire-FirstCall — Libbey Inc. (NYSE: LBY) has announced price increases affecting its North American market and selected International markets. These increases were made necessary by the unprecedented escalation of energy costs, especially natural gas.

The price increases will be implemented by August 18. The median increase will be approximately 8% for U.S. customers, with slightly higher increases in Mexico.

John F. Meier, Libbey's chairman and chief executive officer, said, "Our energy costs have risen significantly because of the 65% increase in natural gas prices since early this year. While we continue to focus on the things we can control to reduce operating costs, including our companywide LEAN initiatives, it is also essential that we implement these price adjustments to help mitigate the effect of the rising energy costs. As always, we remain committed to delivering the highest-quality products and great service to our customers."

The above information includes "forward-looking" statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements are based on beliefs and assumptions by the Company's management, and on information currently available to management, and are indicated by words or phrases such as "goal," "expects," "believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward-looking statements involve risks and uncertainty, that actual results may differ materially from such statements, and that investors should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events.

Libbey Inc.:

— is the largest manufacturer of glass tableware in the western hemisphere and one of the largest glass tableware manufacturers in the world;

— is expanding its international presence with facilities in China, Mexico, the Netherlands and Portugal;

— is the leading manufacturer of tabletop products for the U.S. foodservice industry; and

— supplies products to foodservice, retail, industrial and business-to-business customers in over 100 countries.

Based in Toledo, Ohio, the Company 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 the 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, manufactures 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 holloware and an assortment of ceramic dinnerware and other tabletop items principally for foodservice establishments in the United States. Its Traex subsidiary, located in Wisconsin, designs, manufactures and distributes an extensive line of plastic items for the foodservice industry. In 2007, Libbey Inc.'s net sales totaled $814.2 million.