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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 1998
LIBBEY INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12084 34-1559357
(State of incorporation) (Commission File Number) (IRS Employer
identification No.)
300 Madison Avenue
Toledo, Ohio 43604
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (419) 325-2100
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ITEM 5. OTHER INFORMATION
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On April 30, 1998 Libbey Inc. (the "Company") through a press release
announced that the Board of Directors authorized the repurchase of up
to 875,000 shares of the Company's common stock in open market and
negotiated purchases.
(c) EXHIBITS
Exhibit
No. Description
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99 Text of Press Release dated April 30, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LIBBEY INC.
Registrant
Date: May 1, 1998 By: /s/ Kenneth G. Wilkes
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Kenneth G. Wilkes
Vice President, Chief Financial Officer
and Treasurer
(Principal Accounting Officer)
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EXHIBIT INDEX
Exhibit No. Description
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99 Press release dated April 30, 1998
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EXHIBIT 99
NEWS LIBBEY INC.
BULLETIN 300 MADISON AVE.
P.O. BOX 10060
TOLEDO, OH 43699
FROM:
[FRB LOGO]
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FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Kennth Wilkes Jenifer Estabrook Suzy Lynde
VP/CFO & Treasurer General Inquiries Analyst Inquiries
(419)325-2490 (312)640-6787 (312)640-6772
FOR IMMEDIATE RELEASE
THURSDAY, APRIL 30, 1998
LIBBEY INC. ANNOUNCES SHARE REPURCHASE PLAN
BOARD OF DIRECTORS APPROVES PURCHASE OF UP TO 875,000 SHARES
TOLEDO, OHIO, APRIL 30, 1998-- LIBBEY INC. (NYSE: LBY) announced that its Board
of Directors authorized the company to buy back as many as 875,000 shares of the
company's common stock, or approximately five percent of shares currently
outstanding, in open market and negotiated purchases. As of April 29, 1998,
Libbey had 17,598,931 shares outstanding. Libbey said the timing of any share
repurchases will depend on market conditions and repurchases will be in amounts
as deemed advisable.
DESIGNED TO INCREASE SHAREHOLDER VALUE
John F. Meier, chairman and chief executive officer, commenting on the
repurchase plan, said, "It is appropriate and prudent to have this well-accepted
tool available to increase shareholder value. Our time horizon is long term, and
we have adequate financial flexibility given our strong cash flows and debt
repayment track record."
Certain of the above information may be forward-looking and as such, only
reflects the company's best assessment at this time. 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. For a discussion of factors that
may affect actual results, investors should refer to the company's Securities
and Exchange Commission reports, including but not limited to, Exhibit 99 to the
Annual Report on Form 10-K for the year 1997.
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LIBBEY INC.
ADD-1-
Libbey Inc.:
- is the largest producer of glass tableware in North America; is a leading
- producer of tabletop products for the foodservice industry;
- exports to more than 100 countries; and,
- provides technical assistance to glass tableware manufacturers around
the world.
Based in Toledo, Ohio, the company operates glass tableware manufacturing plants
in California, Louisiana, Ohio and Ontario, Canada. In addition, Libbey is a
joint venture partner in the largest glass tableware company in Mexico. Through
its Syracuse China subsidiary, the company designs, manufactures and distributes
an extensive line of high-quality ceramic dinnerware, principally for the
foodservice industry in the United States. Through its World Tableware
subsidiary, the company imports and sells a full line of metal flatware and
holloware and an assortment of ceramic dinnerware and other tabletop items,
principally for the foodservice industry in the United States. In 1997, its net
sales totaled $412 million.
FOR FURTHER INFORMATION REGARDING LIBBEY INC., FREE OF CHARGE VIA FAX,
DIAL 1-800-PRO-INFO AND USE TICKER SYMBOL "LBY."
