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EXHIBIT 99
LIBBEY INC.
300 MADISON AVENUE
P.O. BOX 10060
TOLEDO, OH 43699
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
KENNETH WILKES KENNETH BOERGER MARILYN WINDSOR SUZY LYNDE
VP/CFO VP/TREASURER GENERAL INQUIRIES ANALYST INQUIRIES
(419) 326-2490 (419) 325-2279 (312) 640-6692 (312) 640-6772
FOR IMMEDIATE RELEASE
MONDAY, OCTOBER 25, 1999
LIBBEY INC. ANNOUNCES NEW SHARE REPURCHASE PLAN
BOARD OF DIRECTORS APPROVES PURCHASE OF ADDITIONAL 875,000 SHARES
TOLEDO, OHIO, OCTOBER 25, 1999--LIBBEY INC. (NYSE: LBY) announced that its Board
of Directors authorized the company to buy back as many as an additional 875,000
shares of the company's common stock in open market and negotiated purchases.
This new authorization is in addition to an authorized repurchase of 875,000
shares announced on December 15, 1998, pursuant to which 835,000 shares have
been repurchased. The average price of the 835,000 shares repurchased was
$26.35. In total, the company now has authorization to repurchase up to an
additional 915,000 shares.
As of October 18, 1999, Libbey had 16,149,953 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, "We have been opportunistic in buying back our common
stock, and this new program affords us the continued opportunity to increase
shareholder value through a share repurchase program. Our performance in 1999 to
date has been strong, with an 11.6 percent increase in income from operations
before restructuring charges. Efforts to enhance sales mix, improve capacity
utilization and increase our financial returns and earnings per share are
working. Coupled with strong cash flow generation in 1999 and a solid financial
condition, we will use the program over time to repurchase shares to increase
shareholder value."
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EXHIBIT 99
LIBBEY INC.
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 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 the savings and profit improvements at targeted levels in the company's
glassware sales from its capacity 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, 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 or Canada; and whether the company completes any
significant acquisitions, and whether such acquisitions can operate profitably.
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, 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. In 1998, its net sales totaled
$436.5 million.