CEO: Libbey showing resilience, 2008 starting strong

Libbey Inc. (NYSE: LBY) CEO John Meier said the maker of tableware products is battling a sputtering economy by raising prices and diversifying its products and clients. Meier made the comments during a midday conference call.

“Looking ahead to 2008, Libbey is not immune to the travails of the U.S. economy. Admittedly, our core food-service business has been touched,” Meier said. “The necessary price increases implemented in late-2007 will provide some respite. We will just have to fight even harder for any and all new installations that may be available to us and rely on our installed base for existing repeat orders.”

The chief executive said the firm’s broadened international business and diversified North American business will serve the company well.

“Our business, as it did in 2007, is showing resilience in strategic areas, thanks to our increasing diversity both from the perspective of client groupings and geographic diversity,” Meier said.

The CEO also said 2008 has started out on a positive note.

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