TOLEDO, Ohio, Dec. 17,
2019 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY), one of
the world's largest glass tableware manufacturers, today announced
the appointment of Juan Amezquita as
the Company's senior vice president, chief financial officer and
treasurer, effective January 13,
2020.
Mr. Amezquita will lead Libbey's global finance, accounting and
treasury teams. He will succeed James C.
Burmeister, who has served as Libbey's CFO since
March 2017.
Mr. Burmeister will remain at Libbey and will continue
to serve as senior vice president, chief operating officer, with
primary responsibility for the Company's manufacturing,
engineering, supply chain and information technology
operations.
Mr. Amezquita's appointment and Mr. Burmeister's transition are
in furtherance of the organizational realignment plan the Company
announced in August 2019. "I'm
excited to have Juan join our executive leadership team," said
Michael P. Bauer, chief executive
officer of Libbey Inc. "Juan is a proven leader with global
experience in treasury, corporate finance and controllership.
Juan's depth of experience leading financial transformations in
capital intensive businesses make him highly qualified and a great
fit for the role."
Mr. Amezquita has more than 25 years of financial management
experience. He will join Libbey from Owens-Illinois, where he has served as vice
president of strategy and integration since April 2019. Mr. Amezquita previously held roles
of increasing responsibility in O-I's finance and treasury
functions, beginning in 2005 as Colombia treasurer and culminating in his
roles as vice president and treasurer from 2012 to 2015 and vice
president of finance and corporate controller from 2016 to
April 2019. Mr. Amezquita's earlier
experience includes serving as chief financial officer for
companies in the business services and health care industries in
Colombia, as well as working as an
IT system analyst.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. is one of the
largest glass tableware manufacturers in the world. Libbey Inc.
operates manufacturing plants in the U.S., Mexico, China, Portugal and the
Netherlands. In existence since 1818, the Company supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey
Signature®, Master's Reserve®,
Crisa®, Royal
Leerdam®, World® Tableware,
Syracuse® China, and Crisal Glass®. In 2018,
Libbey Inc.'s net sales totaled $797.9
million. Additional information is available at
www.libbey.com.
Caution on Forward-Looking Statements
This press
release includes forward-looking statements as defined in Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements reflect only 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 and that actual results may differ materially from
these statements. Investors should not place undue reliance on such
statements. These forward-looking statements may be affected by the
risks and uncertainties in the Company's business. This information
is qualified in its entirety by cautionary statements and risk
factor disclosures contained in the Company's Securities and
Exchange Commission filings, including the Company's report on Form
10-K filed with the Commission on February
27, 2019. Important factors potentially affecting
performance include but are not limited to risks related to
increased competition from foreign suppliers endeavoring to sell
glass tableware, ceramic dinnerware and metalware in our core
markets; global economic conditions and the related impact on
consumer spending levels; major slowdowns or changes in trends in
the retail, travel, restaurant and bar or entertainment industries,
and in the retail and foodservice channels of distribution
generally, that impact demand for our products; inability to meet
the demand for new products; material restructuring charges related
to involuntary employee terminations, facility sales or closures,
or other various restructuring activities; significant increases in
per-unit costs for natural gas, electricity, freight, corrugated
packaging, and other purchased materials; our ability to borrow
under our ABL credit agreement; high levels of indebtedness; high
interest rates that increase the Company's borrowing costs or
volatility in the financial markets that could constrain liquidity
and credit availability; protracted work stoppages related to
collective bargaining agreements; increased pension expense
associated with lower returns on pension investments and increased
pension obligations; increased tax expense resulting from changes
to tax laws, regulations and evolving interpretations thereof;
devaluations and other major currency fluctuations relative to the
U.S. dollar and the euro that could reduce the cost competitiveness
of the Company's products compared to foreign competition; the
effect of exchange rate changes to the value of the euro, the
Mexican peso, the RMB and the Canadian dollar and the earnings and
cash flows of our international operations, expressed under U.S.
GAAP; the effect of high levels of inflation in countries in which
we operate or sell our products; the inability to achieve savings
and profit improvements at targeted levels in the Company's
operations or within the intended time periods; the failure of our
investments in e-commerce, new technology and other capital
expenditures to yield expected returns; failure to prevent
unauthorized access, security breaches and cyber attacks to our
information technology systems; compliance with, or the failure to
comply with, legal requirements relating to health, safety and
environmental protection; our failure to protect our intellectual
property; and the inability to effectively integrate future
business we acquire or joint ventures into which we enter. Any
forward-looking statements speak only as of the date of this press
release, and the Company assumes no obligation to update or revise
any forward-looking statement to reflect events or circumstances
arising after the date of this press release.
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SOURCE Libbey Inc.
