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By NEWSROOM /
November 15 09:11 AM

Libbey announces $20 million investment

PRESS RELEASE

Libbey Inc. executive Dan Ibele announced Tuesday the company will invest $20 million in Libbey’s Shreveport manufacturing site, bringing new technology and a new research and development component to its operations.

The capital investment in new generation technology will create 70 new direct jobs, averaging m ore than $38,000 per year, plus benefits.

The new investment will also generate an additional 75 new indirect jobs in the community for a total of more than 140 new jobs. Libbey will also retain 511 existing jobs in Shreveport.

“This new investment in technology will enable us to compete more effectively in a broader marketplace. We appreciate the LED’s (Louisiana Economic Development’s) partnership in working with us to make our vision for this new technology a reality,” said Iberle.

Over the next two years, Libbey will install new state-of-the-art equipment investing in proprietary glassmaking technology to keep the company and the Shreveport facility at the forefront of the glassware industry. Based in Toledo, Ohio, Libbey selected the Shreveport site for additional investment over other U.S. and international sites.

“This is a very encouraging development, and I’m certainly pleased to see Libbey Glass maintaining the positive presence it’s held in Shreveport for so many years,” said Shreveport Mayor Cedric Glover. “Libbey Glass is one of our best corporate citizens, and I know the jobs being created as a result of this announcement will be a great boost not only to the prospective employees but to their families as well.”

“The Caddo Commission is very pleased with the continued commitment from Libbey Glass to our community,” said President Lindora Baker of the Caddo Parish Commission. “The Commission looks forward to working with Libbey to support growth in the future.”

Earlier in the year, North Louisiana Economic Partnership (NLEP) and a coalition of state and local partners began visiting Libbey’s corporate officials in order to enhance communications and relationships.

Libbey had previously announced the modernization of the Shreveport site in June 2011 with a $9 million renovation of an existing glassmaking furnace. Libbey completed the investment but later reduced its workforce due to changing market demand and foreign competition in the consumer glass tableware sector.

“North Louisiana Economic Partnership, Shreveport Mayor Cedric Glover, Louisiana Economic Development officials and Caddo Parish officials visited

Libbey Glass headquarters in Toledo as part of a collaborative commitment to our local industries’ presence and success,” said NLEP President Scott Martinez. “Libbey Glass has been a longtime industry leader in the Shreveport community, and NLEP values the ongoing, positive relationship with the local and corporate leadership of Libbey Glass. NLEP is pleased that the company has chosen Shreveport for this new investment.”

To secure the existing Libbey workforce, the new $20 million investment and to encourage growth of the company’s Shreveport workforce going forward, LED offered the company a new incentive package that includes a $500,000 Modernization Tax Credit to be claimed over five years after the investment is made. The company also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.

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