Shreveport: Libbey Inc. executive Dan Ibele announced the company will invest $20 million in Libbey’s Shreveport manufacturing site, bringing new technology and a new research and development component to its operations. The capital investment in new glassmaking technology will create 70 new direct jobs, averaging more than $38,000 per year, plus benefits, and LED estimates an additional 75 new indirect jobs in the community will result, for a total of more than 140 new jobs. Libbey also will retain 511 existing jobs in Shreveport.
Based in Toledo, Ohio, Libbey selected the Shreveport site for additional investment over other U.S. and international sites.
“This new investment in technology will enable us to compete more effectively in a broader marketplace. We appreciate the LED’s partnership in working with us to make our vision for this new technology a reality,” said Ibele. Over the next two years, Libbey will install new state-of-the-art equipment investing in proprietary glassmaking technology to keep the company and the Shreveport facility at the forefront of the glassware industry.
LED’s Business Expansion and Retention Group, or BERG, began discussing the potential project with company officials in July 2013. Libbey announced a previous modernization of the Shreveport site in June 2011 with a $9 million renovation of an existing glassmaking furnace. Libbey completed the investment but later reduced its workforce due to changing market demand and foreign competition in the consumer glass tableware sector. Because of the reduction in workforce, Libbey did not receive incentives offered by the State of Louisiana in 2011.
To secure the existing Libbey workforce, the new $20 million investment and to encourage growth of the company’s Shreveport workforce going forward, LED offered the company a new incentive package that includes a $500,000 Modernization Tax Credit to be claimed over five years after the investment is made. The company also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs. In addition, Libbey may claim Louisiana’s refundable Research and Development Tax Credit on qualified R&D expenditures. For businesses with 100 or more employees, that incentive provides an 8 percent refundable tax credit.
“Earlier in the year, North Louisiana Economic Partnership, Shreveport Mayor Cedric Glover, Louisiana Economic Development officials, and Caddo Parish officials visited Libbey Glass headquarters in Toledo as part of a collaborative commitment to our local industries’ presence and success,” NLEP President Scott Martinez said. “Libbey Glass has been a longtime industry leader in the Shreveport community, and NLEP values the ongoing, positive relationship with the local and corporate leadership of Libbey Glass. NLEP is pleased that the company has chosen Shreveport for this new investment.”
“This is a very encouraging development and I’m certainly pleased to see Libbey Glass maintaining the positive presence it’s held in Shreveport for so many years,” Shreveport Mayor Cedric Glover said. “Libbey Glass is one of our best corporate citizens, and I know the jobs being created as a result of this announcement will be a great boost not only to the prospective employees but to their families as well.”
“The Caddo Commission is very pleased with the continued commitment from Libbey Glass to our community,” said President Lindora Baker of the Caddo Parish Commission. “The commission looks forward to working with Libbey to support growth in the future.”