Libbey Drops Plan to Buy Anchor Hocking

Libbey Inc., the nation’s largest glassware maker, said it would abandon its attempt to acquire its Ohio rival Anchor Hocking for $332 million. The company attributed its decision partly to a compliance order issued in May by the Federal Trade Commission that said the acquisition could result in a monopoly in the tableware industry, driving up prices.

Libbey said it had searched for alternative solutions but abandoned the plan because of the time it would take to implement and the lack of certainty about FTC approval.

Toledo-based Libbey announced in June that it would buy Anchor Hocking, based in Lancaster, for $332 million. Anchor Hocking, the third-largest glassware maker, is owned by Newell Rubbermaid Inc., based in Freeport, Ill.