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[June 2002]
Libbey Abandons Anchor Hocking Acquisition
Syracuse China's parent company Libbey Inc (Toledo, OH, USA) announced on 10 June 2002 that it had abandoned its proposed acquisition of the Anchor Hocking businesses of Newell Rubbermaid Inc. In the light of the challenge to the acquisition by the US Federal Trade Commission (FTC) and after careful consideration of various alternatives, the company concluded that this decision was in the best interest of the parties.Libbey's Chairman and CEO John Meier said: "Libbey regrets that our purchase of Anchor Hocking will not go forward, as our varied constituencies would have truly benefited. We diligently continued to search for alternative solutions that would accommodate all parties. However, the extended timing associated with the possible alternatives and the lack of certainty in achieving FTC approval forces us to conclude that we must now abandon the transaction".
Through its Syracuse China subsidiary, Libbey designs, manufactures and distributes an extensive range of high quality ceramic dinnerware, principally for food service establishments in the USA. Through its World Tableware subsidiary, it imports and sells a full range of metal flatware and holloware and an assortment of ceramic dinnerware and other tabletop items, again mainly in the USA. It is the leading producer of glass tableware in North America.
ENDS