Libbey Inc. announced 6 January 2003 the acquisition of the stock of B.V. Koninklijke Nederlandsche Glasfabriek Leerdam (Royal Leerdam) from BSN Glasspack in a EUR 42.3 million cash deal. Royal Leerda…
Libbey Inc. announced 6 January 2003 the acquisition of the stock of B.V. Koninklijke Nederlandsche Glasfabriek Leerdam (Royal Leerdam) from BSN Glasspack in a EUR 42.3 million cash deal. Royal Leerdam manufactures and markets high quality glass stemware, including popular wine glasses. It operates a manufacturing and distribution facility in Leerdam, The Netherlands, and has a workforce of around 450. The acquisition is in line with with Libbey“s external growth strategy to be a supplier of high-quality, machine-made glass tableware products to key markets worldwide. The benefits of the acquisition are expected to be greater penetration in the important global market for glass stemware, and expansion of the range of glass tableware products offered by Libbey to customers world-wide. In addition, Libbey and its customers will have another source for stemware. Increases in sales and operating efficiency are expected from the joining of the sales, marketing and marketing operations of the two companies. Libbey“s earnings per share are forecast to go up in the first twelve months of operation by approximately USD 0.12 to USD 0.15 per diluted share. John F. Meier, Libbey“s chairman of the board and chief executive officer, said, “We are very excited to be teaming up with Royal Leerdam. This acquisition will utilize the complementary skills and resources of the people of Libbey and Royal Leerdam to position Libbey as an even more important supplier to its customers and add value for its shareholders.”