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Vitro America sale final; US execs denied bonuses

Post Time:Jun 20,2011Classify:Industry NewsView:87

Mexico's Vitro SAB completed the sale of U.S. subsidiaries, includingVitro Americaand Super Sky Products,to Sun Capital affiliate American Glass Enterprises for about $55 million on June 17, according to a same-day report in The Washington Post.

Sun Capital Partners is the private investment firm that purchased Arch Aluminum & Glass in February 2010 and United Glass Corp.in the spring of2011.

"We are delighted with the successful outcome of the bidding process for Vitro," said Jeff Leone, CEO of Arch Aluminum & Glass, in a prior statement to Glass Magazine. "Now, the real work begins to consolidate our three companies: Arch, United Glass Corp., and Vitro. Our mission remains to create the leading glass fabrication business in North America by focusing on quality and service to our customers..."

Read industry reaction to the news.

In related news,a Texas bankruptcy judge denied Vitro SAB's attempt to pay bonuses to two top executives, saying the Mexican glass maker failed to show how the would-be recipients improved the price the company received for its U.S. units sold at auction, according to a June 16 MarketWatch reportfrom The Wall Street Journal.

Judge Harlin D. Hale of the U.S. Bankruptcy Court in Dallas blocked Vitro from paying $1.3 million to 17 employees, including a $1 million bonus to Vitro America Chief Executive Arturo Carrillo and Chief Financial Officer Ricardo Maiz, according to the report. Read more...

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Source: http://www.glassmagazine.com/news-item/commercial/vitro-america-sale-final-us-execs-denied-bonuses-118324Author:

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