Libbey is to lay-off more workers than originally stated and will change the retirement benefits of US workers.
The Toldeo, USA glass tableware company said in July it would cut about 5% of its global work force.
But it has now changed that number to 9%.
As of Jan. 1, 2013, the company will freeze company contributions to its cash balance pension plan for US workers. Pension plan participants will retain their accrued pension benefits.
Libbey said it would offer salaried associates an improved 401(k) benefit that includes an increased company match.
The company also will end its health-care benefit for salaried retirees who are 65 and older and instead provide a Retiree Health Reimbursement Arrangement that supports retirees in purchasing a Medicare plan.
Libbey said the staffing and benefits changes would reduce annual expenses by more than $10 million a year.
