UPDATE: Libbey Signs Exclusive Agreement With Spiegelaue

Libbey Inc. (NYSE MKT:

) and renowned German glassware company Spiegelau have announced an agreement in which Libbey will become the exclusive U.S. distributor of their glassware lines in the retail industry, effective July 1, 2015. The newly formed agreement is part of the brand's "Own the Moment" strategy, which aims to grow the business 4-6 percent annually to achieve a year-end 2018 revenue target in excess of $1 billion. Libbey has been the U.S. distributor of Spiegelau, known as the "Class of Glass," for foodservice since February 1, 2013. The extended partnership and exclusive distribution agreement is a key element in Libbey's pursuit to expand its range of tabletop offerings on retailer shelves. The new portfolio will include lines of fine stemware, premium drinkware and other specialty glasses. "We are pleased with the opportunity to expand our business relationship with Spiegelau. Our well established brands and combined knowledge of the glass and tabletop markets make for a unique and complimentary product assortment," said Anthony Gardner, Libbey chief commercial officer. "We announced our new 'Own the Moment' company strategy earlier this year and this agreement directly supports our objectives of increasing both the category value for our retailers and excitement for their consumers." "The last two years we have enjoyed a very successful relationship with Libbey and have seen positive business results through our foodservice partnership. Our companies share a strong heritage and a reputation for high quality products and this extension for retail distribution is a logical next step to reach a broader retail market in the U.S.," said Richard Voit, managing director of Spiegelau. In July Libbey will begin offering a full array of Spiegelau barware items to retail outlets including the popular wine collections such as Authentis, Style, Willsberger and Vino Grande stemware, as well as craft beer glassware, including Wheat, a brand new offering for 2015.