US-based glass maker Libbey Inc., said it will close a plant in Canada, eliminating 560 jobs, or 14% or its workforce, as it realigns operations to focus on tableware and phase out bottles and containers. The company said the move will result in one-time fourth-quarter charges of US$27m, or US$0.92/share after tax. It added that, after accounting for the charges, it expects to report a fourth-quarter loss of US$0.47 to US$0.52/share. Libbey, the country's largest producer of glass tableware, earned US$9.8m, or US$0.58/share in the fourth quarter of 1997 and analysts polled by First Call expected it to earn US$0.64/share in 1998's fourth quarter. The Toledo-based firm said it will close or sell its manufacturing and distribution facility in Wallaceburg, Ontario, and realign production of its glass making facilities in the US and a joint venture in Mexico.
