TOLEDO, Ohio -- Libbey Inc., a wholly owned subsidiary of Owens- Illinois Inc., said Friday it is making an initial stock offering that will complete a plan to spin-off the glassware maker from its parent company.
Libbey said it will offer 15 million shares of common stock, at $13 a share, pursuant to a registration statement declared effective Thursday by the Securities and Exchange Commission.
The offering represents the sale of Owens-Illinois' entire interest in Libbey Glass. Last April, O-I announced it was selling the Libbey subsidiary to concentrate on other areas of its glassmaking business.
Libbey is headquartered in Toledo, with three manufacturing plants, located in Toledo, Shreveport, La., and City of Industry, Calif.
Libbey is the largest producer of table glassware in the United States. The company had net sales of $279 million in 1992.