Libbey Provides Additional Business Update on COVID-19 Response
LIBBEY (LBY)
NASDAQ:AMEX Investor Relations:
investor.libbey.com/home/default.aspx
Company Research
Source: PR Newswire
TOLEDO, Ohio, April 10, 2020 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY) ("Libbey" or "the Company"), one of the world's largest glass tableware manufacturers, today announced additional actions the Company is taking in response to the COVID-19 pandemic. In light of rapidly evolving market conditions, Libbey is implementing a number of additional cost reduction measures. These temporary actions include:Implementing a pay reduction for all salaried associates in the U.S. and Canada through September 30, 2020. This includes a 25% base salary reduction for CEO Michael Bauer, 20% base salary reductions for executive officers and other vice presidents, and 10% to 15% salary reductions for all other impacted associates. The Board of Directors has also reduced its cash compensation by 25%. Implementing temporary furloughs for a portion of U.S. manufacturing and distribution salaried associates in line with the curtailed operations in the U.S. Suspending the Company's 401(k) match for U.
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