Monaca glass plant may become casualty of parent company's loan default
Anchor Hocking's parent company may permanently close its glassware plants in Monaca, Beaver County, and Lancaster, Ohio, and will make a decision in mid- to late August, according to a filing with the Securities and Exchange Commission.
EveryWare Global Inc., which manufactures Anchor Hocking and Oneida Glassware, on Friday gave the SEC and its workers a 60-day notice required by federal law that it may close the plants, along with a distribution center in Savannah.
“Whether the company will permanently close the facilities depends upon whether the company is able to resolve its existing liquidity issues,” the filing said. Officials at EveryWare could not be reached for comment.
The notice said the company had not decided whether to close the plants. That will depend on whether it can put its finances in order after going into default on a $250 million loan at the end of March. If the company does decide to shutter the facilities, it will be within a 14-day period starting on Aug. 11, according to the SEC filing.
EveryWare furloughed about 450 workers at Monaca and 1,100 at Anchor Hocking's Lancaster headquarters on May 15, after EveryWare announced the loan default. The company said the furloughs were an effort to reduce inventory and improve liquidity.
The company announced on May 31 that it had negotiated deals, including a forbearance until June 30, with several of its lenders allowing it to stay in business, and reopened three of its six production lines in Monaca early this month in response to customers' orders.
Products at the Monaca facility include vodka and wine bottles, vases and specialty products such as the “boot” mugs used by Texas Roadhouse restaurants.
Matthew Santoni is a staff writer for Trib Total Media. He can be reached at 412-380-5625 or email@example.com.
Add Matthew Santoni to your Google+ circles.
Show commenting policy