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December 27, 2004
Libbey Selling California Land
Toledo, Ohio-based Libbey has signed an agreement to sell its property in City of Industry, Calif., to an undisclosed buyer for $17 million.
Earlier this year, the firm announced plans to shutter its manufacturing facility in City of Industry, citing the need to improve its cost structure. The facility is slated to discontinue operations in February 2005.
The sale of the land is expected to close by the end of this year, at which point Libbey will be able to lease the property back from the new owner for $1 for up to one year. Under the agreement, Libbey will be responsible for demolishing the buildings on the land after it has vacated them.
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