July 18, 2012
(NYSE MKT: LBY) today announced a new strategic plan designed to further strengthen its core business and enable the Company to improve profitability and realize growth opportunities. The new strategy is specifically aimed at increasing Libbey's efficiency, better leveraging its key lines of business, improving service to customers and maximizing market opportunities.
"We are taking the necessary steps to ensure Libbey thrives in today's competitive market," said
Stephanie A. Streeter
, Libbey's Chief Executive Officer. "This new strategy will build on Libbey's long legacy and many strengths, and improve the Company's competitive position to realize new opportunities across our business."
The strategic plan will focus on:
- Reducing costs in North America, including reducing Selling, General and Administrative (SG&A) expenses.
- Maximizing Libbey's leadership in advantaged businesses, including U.S. Foodservice and Mexico Foodservice and Retail.
- Increasing profitability and improving Libbey's cash generation in Europe.
- Accelerating growth in China.
- Making continued improvements to Libbey's financial structure. In addition to the recent debt refinancing successfully completed in May 2012, Libbey will drive for a more competitive cost structure.
As part of the new strategy, Libbey announced a new regionally focused leadership structure. The Company will be organized into three regions:
- The Americas – with Daniel Ibele serving as Vice President and General Manager for the United States and Canada and Salvador Minarro serving as Vice President and General Manager of Mexico and Latin America.
- Europe, Middle East and Africa (EMEA) – Libbey is currently conducting a search for the general manager of this region.
- Asia Pacific – with Gary Moreau serving as Vice President and General Manager of Asia Pacific.
"Libbey is a global company; however, the needs of our customers and suppliers vary by market," added Streeter. "By aligning regionally, Libbey will be in a stronger position to serve customers across the globe."