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Vitro announces sale of stake in Vitromatic
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Vitro has announced that it has received authorization from the necessary authorities to go through with its sale of a 51% stake in Vitromatic, which produces and distributes household appliances in Mexico. The stake went to Whirlpool Corporation for US$150 million in case and the agreement that Whirpool would assume US$163 million in debt. The transaction was first announced in February and is in line with Vitro's strategy to focus its money and energy on glass-making operations. Vitromatic is based in Monterrey and has five plants with 6,000 employees. It sells appliances under the brand names Acros, Supermatic, Crolls and Whirlpool.
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July 10th, 2002
Source: Northernlight |
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