EXHIBIT 99
LIBBEY INC.
300 MADISON AVE
[LIBBEY LOGO] P.O. BOX 10060
TOLEDO, OH 43699
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N E W S R E L E A S E
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
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KENNETH WILKES KENNETH BOERGER SUZY LYNDE
VP/CFO VP/TREASURER ANALYST INQUIRIES
(419) 325-2490 (419) 325-2279 (312) 640-6772
FOR IMMEDIATE RELEASE
MONDAY, JUNE 10, 2002
LIBBEY ABANDONS ANCHOR HOCKING ACQUISITION
TOLEDO, OHIO, JUNE 10, 2002--LIBBEY INC. (NYSE: LBY) announced that it has
abandoned its proposed acquisition of the Anchor Hocking businesses of Newell
Rubbermaid, Inc. In light of the challenge to the acquisition by the U.S.
Federal Trade Commission (FTC) and after careful consideration of various
alternatives, the company concluded that this decision was in the best interest
of the parties. Consistent with acquisition-related costs identified in Libbey's
Form 10-Q filed on May 15, 2002 for the first quarter of 2002, these costs total
approximately $8 to $9 million after - tax, or $0.51 to $0.58 per diluted share,
and will be written-off in the second quarter of 2002. The vast majority of
related cash payments were made prior to March 31, 2002.
John F. Meier, Libbey's chairman of the board and chief executive officer,
stated, "Libbey regrets that our purchase of Anchor Hocking will not go forward,
as our varied constituencies would have truly benefited. We diligently continued
to search for alternative solutions that would accommodate all parties. However,
the extended timing associated with the possible alternatives and the lack of
certainty in achieving FTC approval forces us to conclude that we must now
abandon the transaction."
Libbey restructured its Anchor Hocking transaction in January of this year,
agreeing not to acquire the Anchor Hocking foodservice business that had caused
issues with the FTC. Commenting on the balance of the year, Meier also stated,
"We are encouraged by the performance of our Libbey business to date, with
growth in our core markets exceeding our expectations."
The above information includes "forward-looking" statements as defined in the
Private Securities Litigation Reform Act of 1995. Such statements only reflect
the company's best
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assessment at this time, 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.
Important factors potentially affecting performance include devaluations and
other major currency fluctuations relative to the U.S. dollar that could reduce
the cost-competitiveness of the company's products compared to foreign
competition; the effect of high inflation in Mexico and exchange rate changes to
the value of the Mexican peso and the earnings and cash flow of the company's
joint venture in Mexico, Vitrocrisa, expressed under U.S. GAAP; the inability to
achieve savings and profit improvements at targeted levels in the company's
glassware sales from its production realignment efforts and re-engineering
programs, or within the intended time periods; inability to achieve targeted
manufacturing efficiencies at Syracuse China and cost synergies between World
Tableware and the company's other operations; significant increases in interest
rates that increase the company's borrowing costs and per-unit increases in the
costs for natural gas, electricity, corrugated packaging, and other purchased
materials; protracted work stoppages related to collective bargaining
agreements; increased competition from foreign suppliers endeavoring to sell
glass tableware in the United States: major slowdowns in the retail, travel or
entertainment industries in the United States, Canada and Mexico; whether the
company completes any significant acquisition, and whether such acquisitions can
operate profitably.
Libbey Inc.:
- - is a leading producer of glass tableware in North America;
- - is a leading producer of tabletop products for the foodservice industry;
- - exports to more than 75 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, and Ohio. 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 foodservice
establishments 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
foodservice establishments in the United States.
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