Arc International, which makes glass products under brands including Pyrex, Cristal D’Arques and Luminarc, has sold its Spanish plant to the management there.
The plant, in Vicrila near Bilbao, makes glasses and dishes marketed under the Luminarc and Arcoroc brands.
The move follows a recent announcement from the company that it would not invest in the rebuilding of the two furnaces at the plant, which are due to reach the end of their lives in 2011 and 2013.
It says “this difficult decision” was made as a result of falling demand on the European tableware market and overcapacity in the region.
Now, the plant’s managing director and two further managers have completed a buyout. Under the deal, Arc will continue to source from the plant up to 2013 and provide technical assistance to the new company until the end of the sourcing contract.