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Vitro announces that its subsidiary in Spain has been declared in voluntary Concurso

Post Time:Jul 16,2012Classify:Industry NewsView:49

San Pedro Garza Garcia, Nuevo Leon, Mexico, July 12th, 2012- Vitro S.A.B. de C.V. (“Vitro” or the “Company”) (BMV: VITROA) announces that its subsidiary in Spain, Vitro Cristalglass, S.L. (“Vitro Cristalglass”) has been declared in voluntary Concurso by the Commercial Courts on July 6th, 2012 and that the Insolvency Trustee has been appointed on July 9th, 2012.

The Company stated last June 5th that it took this decision as a result of the economic crisis in European markets, specifically in the construction industry, where Vitro Cristalglass conducts its business.

In 2011, Vitro Cristalglass represented 4 percent of the consolidated sales of Vitro.

Given that Vitro Cristalglass has operated at a loss since 2009, this will have a positive impact at the EBITDA line of US$ 10 to 15 million.

Source: http://www.glassonweb.com/news/index/16471/Author:

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