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Vitro Announces that its Subsidiary in Spain is Filing for Insolvency Protection

Post Time:Jun 08,2012Classify:Industry NewsView:67

San Pedro Garza Garcia, Nuevo Leon, Mexico, June 5, 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 started the process to filing for insolvency and requests the judicial declaration of Concurso, through the Commercial Courts of Madrid.
This decision is the result of the current economic crisis, specifically in the construction industry, in European markets 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.

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world’s major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website: www.vitro.com

Source: http://www.glassonweb.com/news/index/16125/Author:

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