Libbey Inc is to make 5% of its managerial, professional and administrative workforce worldwide redundant as part of a restructuring.
It said it will attempt to strengthen and grow its business by changing its business strategy to one based on regional leadership, instead of a global leadership.
An exact number of the amount of redundancies was not available.
“We are taking the necessary steps to ensure Libbey thrives in today’s competitive market,” CEO Stephanie Streeter said in a statement.
“This new strategy will build on Libbey’s long legacy and many strengths, and improve the company’s competitive position to realise new opportunities across our business.”
Under the new strategic plan, which the glassware maker said will strengthen its core business and enable it to improve profitability and realize growth opportunities, the company has created a new Strategy Program Management Office headed by former Libbey CFO Richard Reynolds.
Libbey said it is reorganising its leadership structure into three regions — the Americas, Europe, the Middle East and Africa, and Asia Pacific.
Daniel Ibele and Salvador Minarro will head up the Americas region. Gary Moreau, current vice president and general manager of Asia Pacific operations, will retain that position.
The company said it is searching for an executive to become head of its new Europe, Middle East, and Africa region.
