Libbey has announced that it plans to cut some existing positions to create new positions that are better aligned with its future strategy.
Toledo-based glassmaker Libbey Inc. has announced that it plans to eliminate some existing positions in order to create a number of new positions that are better aligned with its future strategy. Chief Executive Officer Stephanie Streeter said the cuts will amount to 3% of its existing global salaried workforce.
“However, we expect to simultaneously create new positions focused on bringing in completely new talent and creating new roles, primarily in the commercial and supply-chain areas,” she said.
First-quarter sales for Libbey were USD 187.4 million, up 3% from last year. Stronger sales in the Americas and the Asia-Pacific region made up for lower sales in Europe.
In the long term, officials said net employment will be unchanged. As of last December, Libbey had about 6,500 employees worldwide, most of whom are hourly, union-represented workers.
Ms. Streeter emphasized that the shakeup is not aimed at cutting costs.
“I want to be really clear, this is not a cost-reduction activity. These actions are being executed with the pure intent to reinvest in the business and add capabilities in critical new functions that are focused on driving future profitable growth.”
Libbey also reported its first-quarter financial results. The company said it returned a first-quarter profit of USD 3.1 million, reversing a similar loss to start out 2014.
First-quarter sales were USD 187.4 million, up 3% from last year. Stronger sales in the Americas and the Asia-Pacific region made up for lower sales in Europe.
The company’s first-quarter earnings translate to 14 cents per share. Last year, Libbey lost 16 cents per share in the first quarter.