, LibbeyTableware manufacturer Libbey has implemented further cost cutting measures across its business as a result of the Covid-19 pandemic.
Tableware manufacturer Libbey has implemented further cost cutting measures across its business as a result of the Covid-19 pandemic.
[rimg01]The shutdown of production at its US glassmaking plants and retail stores has been extended into May.
Operations at its Mexican manufacturing plant have also been reduced.
It has also temporarily furloughed a portion of its US manufacturing and distribution staff as well as implemented a pay reduction for its US and Canadian staff.
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.
Mike Bauer, chief executive officer of Libbey, said: "We believe the actions we are announcing today, in addition to the previously announced changes to our U.S. operations, are necessary to help ensure the strength of our business over the long-term."
It also said it had taken ‘significant measures across its locations in EMEA and China in line with local government regulations and the resulting downtrend to demand for its products’.
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