Libbey Glass is to sell its European operations to Dutch finance group Anders Invest.

Libbey's European operations include a manufacturing and distribution facility in Leerdam, Netherlands and a manufacturing facility in Marinha Grande, Portugal. The sale also includes its Royal Leerdam and Crisal Glass brands.

The glass tableware manufacturer said the sale will generate significant proceeds and is expected to close within the coming weeks.

It said the sale of its European operations will allow it to expand its business within its core markets, especially the Americas.

Libbey CEO Mike Bauer said Anders Invest had a good track record of managing and growing industrial companies, and that it intends to invest in the European operations.

He said: “While Libbey will continue to operate as a global business, the proposed transaction paves the path for us to better leverage our core strengths and accelerate long-term, sustainable growth, while meeting the needs of customers and end users and inspiring the makers of drinks, makers of meals, and makers of memories.”