3. Material presented at this meeting includes forward-looking
statements about Libbey Inc. These statements are subject to
risks and uncertainties, including market conditions, competitive
pressures, the value of the U.S. dollar and significant cost
increases.
Please refer to the Company’s Form 10-K for
fiscal year-end December 31, 2014, filed on
March 13, 2015, for further information.
Cautionary statement
2
4. Libbey today: fact sheet
Employs approximately 6,500
associates across the globe
Libbey sells more than
1,000,000,000 glasses annually
Second largest glass tableware
manufacturer in the world!
# 1 in the Americas
In 2014, Libbey’s net sales totaled
$852.5 million. Sells into 3
channels: FS, Retail and B2B
3
Our customers represent the
world’s largest foodservice
distributors and the world’s most
recognized retail brands
5. Today Libbey competes in four categories
of products
4
Category Products Manufacturing
Glass
Tableware
• Tumblers, stemware, mugs, bowls,
floral, salt shakers, shot glasses,
canisters, candleholders
In-house
Other
Glass
Products
• Bakeware, handmade tableware,
blender jars, mixing bowls, floral,
candle, and washing machine windows
In-house
Ceramic
Dinnerware
• Plates, bowls, platters, cups, saucers,
and other tableware accessories
Sourced
Metalware
• Knives, forks, spoons, serving utensils,
serving trays, pitchers, other metal
tableware accessories
Sourced
~90%
of
sales
~10%
of
sales
6. Libbey has a broad customer base spanning
three key channels
• A network of over 500 of the world’s
finest distributors who ultimately sell
to hotels, restaurants, bars, etc.
• #1 supplier of glass tableware, #2
supplier of dinnerware/flatware in the
U.S. and Canada
• Offered entire tabletop since 1997
• 90% of sales are replacements,
driving predictable revenue stream
• Beverages are the most profitable
sales item for a restaurant
• Customers include marketers who
brand Libbey glassware with
company logos and resell to
breweries, distilleries, soft drink
companies, craft industries and food
packing companies
• Products include candle and floral
applications, blender jars, mixing
bowls, and washing machine glass
• Profitable channel. Volume provides
factory utilization
Foodservice Retail
Business-to-Business
(B2B)
• Primary customers include leading
mass merchants as well as
specialty, grocery, value-oriented
and e-tail stores
• The leading supplier of casual glass
beverageware in North America
• Strong brand recognition
• Important driver of factory utilization
5
No single customer accounts for 10% or more of sales
7. Industry-leading and customer logistics-friendly
footprint
6
West Chicago, IL
Toledo,
OH
Shreveport,
LA
Monterrey,
Mexico
Laredo, TX
Libbey Manufacturing & Warehousing / Distribution
Marinha
Grande,
Portugal
Leerdam,
Netherlands Langfang,
China
Libbey Warehousing / Distribution
Million Total Sq. Ft.
Libbey Warehousing /
Distribution Centers7 8Libbey Manufacturing
Facilities6
8. Libbey is a company with a rich history …
7
Aug 2011:
Stephanie
Streeter
becomes CEO
Jun 2006: Obtains
remaining 51%
stake in Crisa,
expanding presence
to Monterrey,
Mexico
Jan 2005: Acquires
Crisal, a glassware
manufacturer based
in Portugal
1800s 1990
Jul 2013:
Celebrates 125th
Anniversary in
Toledo
2002 2006 20112008 20122000
Dec 2002: Acquires Royal
Leerdam, expanding
glassware operations to
Europe
May 2012:
Refinancing
amended $100MM
ABL facility
and issuance of
$450MM 6.875%
Senior Secured
Notes
April 2007:
Opens Langfang,
China facility
Aug 1997:
Acquires World
Tableware and
49% of Crisa
2014
April 2014:
Refinancing,
including amended
$100MM ABL
Facility and new
$440MM Term
Loan B senior
secured credit
facility
1818: Libbey
founded as New
England Glass
Company in East
Cambridge, MA
s
Jun 1993:
Libbey becomes
a public company
1892:
The company
changes its name
to The Libbey
Glass Company
Oct 1995:
Acquires
Syracuse China
Aug 2011: Bill
Foley becomes
Chairman of the
Board
2015
Jan 2015:
Announce Own the
Moment strategy.
Re-initiate dividend
and share
repurchases
9. …Libbey is entering a new phase of its development
8
Recovery and
reinforcement
• Focus on cost reduction
and de-leveraging
• Took substantial cost
containment measures
• Reduced leverage to
~3x 2014 adjusted
EBITDA
• Continued strengthening
and building business (by
reinvesting 2/3 of cash flow)
• Mexican production
best-in-class for US
market
• Entered China for long-
term opportunities
Ambitious growth
coupled with great
recession led to crisis
• Acquisition-focused growth
(on average +10% annually
from 2001 to 2008)
• Substantial increases in
leverage (up to unsustainably
high levels of 7x adjusted
EBITDA)
Winning from position
of strength
Libbey clearly positioned as
market leader with strong
profitability and cash flows
Focus on creating strong and
sustainable value for our
shareholders
• Three strategic levers
• Organic expansion of
business
• Selective acquisitions to
expand geographic
footprint and product
categories
• Return cash to
shareholders via
dividends and share
repurchases
2001 - 2009
2009 - 2014
2015 - 2020
10. Libbey is in a fundamentally more stable
position than at any time in the last decade
9
LBY 2007 LBY 2011 LBY 2014
Market cap ($MM) 231 259 686
Adjusted EBITDA margin (%) 14.3% 13.8% 14.5%
3 yr avg cash flow yield (%) ~0 6% 4%
Leverage (Net debt/Adj. EBITDA) 4.0 3.0 3.1
Credit rating B B+ BB-
US pension funding (47) (95) (11)
Annual interest expense ($MM) 66 43 23
ROIC (%) 8.5% 11.0% 12.2%
(1) Cash flow is defined as cash flow from operations less capital expenditures plus payment of interest on PIK notes in 2010 and adjusted for the supplemental
pension contribution in 2012
11. Committed to aligning our business and
financial levers to drive strong, sustainable
Total Shareholder Return
10
1
2
3
Objective:
Deliver
sustained top-
quartile TSR for
Libbey’s
shareholders
Leverage positions of strength
to drive above market growth
and expand margins
Make strategic and
opportunistic investments to
bolster core positions
Commit to disciplined capital
management and significant
capital return to investors
Business
Strategy
Financial
Strategy
12. 1111
Grow & Bolster Americas
• Grow around core in
Foodservice
• Win in key accounts in Retail
& B2B
• Strengthen/broaden offerings
• Expand to adjacencies
• Redefine pricing/promotions
Maximize Returns in Asia
Pacific & EMEA
• Targeted investments to drive
value and differentiation
• Drive cost efficiency
• Expand presence where
under-served
• Build presence in growth
channels
Establish Foundation of
Excellence
• Supply Chain
• Talent & culture
• Commercial capabilities
• Information Technology
• Financial structure/capital
deployment
11
13. Strategy expected to drive organic revenue growth
over $1B and adjusted EBITDA margins of 17%-
18% by 2018
12
• Segment and geographic
expansion
• Adjacency categories
• New products and innovation
• Pricing and promotion
structures
16.4%
17 - 18%
2013 2018
• Volume leverage
• Productivity
• Supply chain efficiencies
Adjusted EBITDA Margin
(%)
$819
$1B+
2013 2018
Net Sales
($MM)
(E) (E)
14. Long-term financial goals established
13
Financial Metric Goal 2018 E
Revenue growth 4% to 6% $1B +
Adjusted EBITDA margins 15% to 18% 17% to 18%
Net debt to adjusted EBITDA 2.5 to 3.0 X 2.5 to 3.0 X
ROIC Maintain 11% to 13% 12% to 14%
TSR Top quartile Top quartile
15. 1. Leading market position and strong brand portfolio
2. #1 U.S. Foodservice business drives significant recurring revenue and
profitability;
#1 North American retail position drives consumer recognition, utilization
and incremental profitability
3. Established global presence with significant growth potential
4. Cost structure optimization combined with manufacturing innovation
provide additional barriers to entry
5. Enviable balance sheet: Strong cash flow, liquidity and credit profile
6. Balanced approach to capital allocation
Investment highlights
14
16. #1 producer of casual glass beverageware in the Western Hemisphere
10% global market share(1)
Market leadership in U.S. and Mexico
~58% share of U.S. foodservice glass beverageware market (1)
~55% share of Mexican glass tableware market (1)
#1 casual glass beverageware position in the U.S. retail channel (2)
Leading position as producer of casual glass beverageware in the EU
Strong shelf position with major retailers:
Recognized for excellence by leading foodservice distributors:
Leading market position and strong brand
portfolio
(1)
(2)
Management estimate
NPD Group Retail Tracking Service
1
15
17. Strong brand portfolio1
16
→ Extensive product line ranging from tumblers to fine stemware
→ Leading producer of glass tableware in Mexico and Latin America
→ Provides an expanded presence in Europe from tumblers to stemware
→ Among the world leaders in producing and selling glass stemware
→ “Class of glass”; high performance for every occasion
→ Fine Bavarian crystal; crystal glassware specialist
→ Broad selection of unique dinnerware, flatware, hollowware
→ Broad range of dinnerware with distinctive designs and durable qualities
→ One of the world’s leading providers of high-end porcelain for foodservice
→ One of world’s foremost marketers of fine tableware, including flatware,
stemware and dinnerware
90% of
2014
Sales
10% of
2014
Sales
Manufactured
Sourced
18. #1 US & Canada Foodservice
• 90% of Foodservice glass sales are replacements and drive a predictable
revenue stream
• Strong distribution network and in-house salesforce are a competitive
advantage
• Depth and breadth of product line maximizes addressable market and
highlights innovation capabilities
• High switching costs, as food service establishments rarely change after initial
investment
• Steady pace of innovation and critical profitability of beverageware creates
lower price sensitivity; 41 of 45 years with a price increase
• Sourced dinnerware and flatware provides additional growth opportunity at very
attractive ROIC
#1 in Western Hemisphere and
#1 in North America2
17
19. Additions of Schönwald and Reed & Barton combine with
Spiegelau and Nachtmann to create the Artistry Collection™
18
2 “A complete premium tabletop offering”
20. Introducing Infinium: the premium experience in
plastic drinkware
19
2 “Mimics the clarity of glass and is virtually unbreakable”
21. #1 North America Retail Position
• #1 Retail brand by wide margin in US, Canada and Mexico
• Ability to provide products across multiple price points leverages foodservice
and B2B costs and capabilities
• Important driver of factory utilization
• Enhances trend/product life and innovation platform
• Important for brand recognition and brand loyalty
2
20
#1 in Western Hemisphere and
#1 in North America
24. Established global presence with
significant growth potential3
Americas
69%
Other
4%US Sourcing
10%
EMEA
17%
2014 Sales by Segment
2014 Adj. EBITDA by Segment
Americas
79%
EMEA
10%
US Sourcing
5%
Other
6%
23
Grow and bolster Americas
Grow around core foodservice business
Expand in additional categories and market
segments in retail and B2B
Strengthen and broaden product offerings
Maximize returns in Asia Pacific and EMEA
Complements Americas’ leadership position
EMEA: reconfigure the business through targeted
investments
Asia Pacific: selective growth with managed
investment
Expand footprint in underserved and emerging market
segments
25. Executed multiple cost reduction initiatives as part of Libbey
2015
Workforce optimization
Productivity improvements
Realignment of capacity
Own the Moment continues focus on operating efficiencies
Reduce manufacturing complexity
End-to-end supply chain management
Optimize manufacturing output through improved sales and
operations planning
Innovation and world class manufacturing technologies create
competitive advantage
R&D innovation/disruptive technology - Shreveport investment
Over 150 new glassware shapes and over 350 new
flatware/tableware items in 2014 alone
Leading proprietary furnace, manufacturing and mold technologies
Cost optimization combined with manufacturing
innovation provides additional barriers to entry4
24
26. Position of strength and business model drive
predictable revenue stream and cash flow
Note: (A) Operating cash flow adjusted for the supplemental pension contribution in 2012, call premiums on senior notes, and debt
issuance costs.
25
Net Sales
($ MM)
Historical Cumulative Adj
Operating Cash flow
2008 – 2014(A)
($ MM)
810
749
800
817
825
819
852
2008 2009 2010 2011 2012 2013 2014 (1)
105
176
233
358
432
558
2008 2009 2010 2011 2012 2013 2014
5
27. 6.4
4.3
3.3 3.0 3.0 2.7 3.1
2008 2009 2010 2011 2012 2013 2014
1.2 1.4
2.5 2.6
3.5
4.2
5.4
2008 2009 2010 2011 2012 2013 2014
Significant deleveraging despite investments to strengthen the
business
Fully funded supplemental U.S. pension in 2012 lowered
annual cash contributions ~$15MM
Capex investments similar to D&A on average; now able to
invest in growth technology for future success
Meaningful liquidity
$79.6MM available under ABL at 3/31/15
$18.6MM cash on balance sheet at 3/31/15
Significant reduction in interest rates since 2011
Annual interest expense reduced ~ 50% ($20MM)
Capital structure
Senior secured credit facility $440MM; maturity 2021
LIBOR plus 300 bps (currently 3.75%)
No financial covenants
$150MM accordion option
$100MM ABL credit facility
LIBOR plus 150-200 bps; maturity 2019
Capital structure and liquidity remains strong5
26
Adj. EBITDA / Interest Expense
Net Debt / Adj. EBITDA
28. Cash on
hand +
ABL
Cash from
operations
Balanced approach to capital allocation6
27
Invest in
the
business
Maintain
financial
strength
and
flexibility
Return
capital to
investors
• Support/accelerate organic growth
• New technologies & manufacturing capabilities
• Acquisitions aligned with strategy
• Other strategic initiatives
• Re-initiated quarterly dividend
o $0.11 per share, highest in company history
o 1.5% yield on day of initiation
• Share repurchases through 10b5-1
o Authorization increased to 1.5M shares in
January 2015
o Repurchased over 294K shares as of
March 31, 2015
o Expect to return 50% of free cash flow to
shareholders over next three years
Available Cash
2015-2018
$500-$600(MM)
• Strong & flexible balance sheet
• Long-term net debt to Adjusted EBITDA
target of 2.5x – 3.0x, with ability to flex up or
down
29. $181.6 $187.4
$-
$50
$100
$150
$200
Millions
Net Sales
1st Qtr 2014 1st Qtr 2015
Revenue growth of over 8% on a constant
currency basis in Q1 2015
28
3.2% Growth
8.4% on Constant Currency
$20.0 $19.7
$-
$5
$10
$15
$20
$25
Millions
Adjusted EBITDA
1st Qtr 2014 1st Qtr 2015
11.0% 10.5%
0%
2%
4%
6%
8%
10%
12%
Adjusted EBITDA Margin
1st Qtr 2014 1st Qtr 2015
Full Year Outlook:
• Net sales growth on a constant
currency basis of 5.0% to 6.0%
• EBITDA margin to be
approximately 15.0%
30. Libbey: creating shareholder value now
and in the future
29
• Leading market positions and strong brand portfolio
• Superior production footprint and execution capabilities
• Strategies in place to drive sustainable growth
• Enviable balance sheet: strong cash flow, liquidity and credit profile
• Balanced capital allocation: flexibility to invest in the business and
return capital to shareholders
Libbey TSR: achieving top quartile performance
Libbey S&P 1500 Peer*
1-Year 54% 10% 18%
3-Year 46% 14% 15%
5-Year 27% 12% 12%
*Peers include: Anhui Deli, Ball Corporation, Blyth, Inc., Carlisle Companies, Fujan Guanfu MHW, Helen of Troy, Ishizuka
Glass, Jarden, Lancaster Colony, Lifetime Brands, Mastrad, Nadir Figueiredo, Newell Rubbermaid, Ocean Glass, Owens-
Illinois, Sisecam, Srithai Superware, Tupperware, Villeroy & Boch, Vitro, WMF and Zhejiang Supor
Note: Data calculated as of March 31, 2015.
31. Market Firm Net Sales 2014 Rev. Split '15E Margin FV / EBITDA P / E Net Debt /
Company Cap Value 2014A 2015E N.A. Europe ROW EBITDA EBIT 2015E 2016E 2015E 2016E LTM EBITDA
Newell Rubbermaid Inc. $10,764 $13,784 $5,727 $5,905 74% 12% 14% 17.1% 14.3% 13.6x 12.4x 18.5x 16.9x 3.2x
Jarden Corporation 10,460 14,596 8,285 8,278 61 -- 39 14.2 12.0 12.4 11.4 19.5 17.2 6.8
Tupperware Brands Corporation 3,349 4,162 2,606 2,372 25 28 47 17.7 15.1 9.9 9.2 14.5 13.0 1.9
Helen of Troy Limited 2,513 2,985 1,402 1,483 84 13 4 14.8 11.7 13.6 12.7 15.5 14.6 1.9
Lifetime Brands, Inc. 205 293 586 -- 74 -- 26 -- -- -- -- 12.1 9.8 2.9
EveryWare Global, Inc. 2 302 354 -- 98 -- 2 -- -- -- -- -- -- 15.3
Mean $4,549 $6,020 $3,160 $4,510 69% 17% 22% 16.0% 13.3% 12.4x 11.4x 16.0x 14.3x 5.3x
Median 2,931 3,573 2,004 4,139 74 13 20 16.0 13.1 13.0 11.9 15.5 14.6 3.0
Libbey Inc. $896 $1,363 $852 $868 79% 17% 4% 14.7% 9.8% 10.6x 9.5x 18.4x 15.7x 3.4x
Libbey still trading at a discount to peers,
despite business outperforming
30
Note: Forward metrics based on consensus Wall Street estimates (Factset). Market data as of May 14, 2015.
($ in millions)
32. Additional Information
NYSE MKT: LBY
Libbey Inc.
300 Madison Avenue
P. O. Box 10060
Toledo, OH 43699-0060
Visit our website: www.libbey.com
IR Contact:
Alpha IR Group
Chris Hodges & Sam Gibbons
312-445-2870
LBY@alpha-ir.com
31