Libbey-Owens-Ford is selling its glass division.
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The company said it has signed a definitive agreement to sell its profitable glass business to Pilkington Bros. of St. Helens, Britain, for 4 million shares of LOF common stock owned by Pilkington. Under the agreement, Pilkington will assume $70 million of the Toledo, Ohio-based firm’s debt. The 4 million shares total 30% of Libbey-Owens-Ford’s outstanding common shares. LOF stock closed at $109.25 a share, up $5, on the New York Stock Exchange.
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