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Vitro and its Joint Venture Partners Agree on Extended Payment Period for Purchase of Vitro Cristalglass Shares

Post Time:Jan 14,2009Classify:Company NewsView:288

Vitro, S.A.B. de C.V. announced today that its subsidiary Viméxico, S.A. de C.V. (Viméxico), in conjunction with the Prado Family members and Invergar Participaciones Inmobiliarias, S.L., the joint venture partners in its Spanish subsidiary Vitro Cristalglass, S.L. (Vitro Cristalglass), agreed to extend distribution of payment for the purchase by Vimexico of its joint venture partners’ 40 percent stake in Vitro Cristalglass through the remainder of 2009.

During the third quarter of 2008, Viméxico made a partial payment to its joint venture partners of approximately 4 million Euros.

The agreement to extend the payment period for its joint venture partners' interest in Vitro Cristalglass is consistent with a number of actions Vitro has undertaken to strengthen its balance sheet and enhance liquidity.

Vitro Cristalglass, part of Vitro’s Flat Glass business unit, is the industry leader in the manufacturing, distribution and marketing of specialty glass for the construction industry in Spain and Portugal. It also participates in the French construction industry through its subsidiary, Vitro Cristalglass France.

Source: Vitro, S.A.B. de C.V. Author: shangyi

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