Vitro S.A.B. de C.V. announced today that the Company and its two Central American partners have decided to share the control of the daily operations of Panama-based Empresas Comegua, S.A. (“Comegua”). This decision is intended to further drive glass containers business growth in the Central American and Caribbean markets.
Vitro will maintain its 49.7% interest in Comegua, whose operations will continue to be benefited with the indubitable contributions and knowledge of all of its partners in glass containers manufacturing and market penetration.
As a result of this decision, Vitro will now account its 49.7% participation in Comegua under the equity method, therefore, majority stockholders’ equity and majority net income will not be affected.
Vitro and its partners London Overseas, Inc. and Golden Beer, Inc. have participated in the Comegua joint venture since 1964. Comegua is by far the most important glass containers manufacturer in the region, and maintains a strong market presence in Central America and the Caribbean.
Comegua LTM 3Q’08 sales and EBITDA were approximately US$216 MM and US$32 MM, respectively.
Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), is one of the largest glass manufacturers in the world. Through our subsidiary companies we offer products with the highest quality standards and reliable services to satisfy the needs of two distinct business sectors: glass containers and flat glass. Our manufacturing facilities produce, process, distribute and sell a wide range of glass products that offer excellent solutions to multiple industries that include: wine, beer, cosmetic, pharmaceutical, food and beverage, as well as the automotive and construction industry. Also, we supply raw materials, machinery and industrial equipment to different industries. We constantly strive to improve the quality of life for our employees as well as the communities in which we do business by generating employment and economic prosperity thanks to our permanent focus on quality and continuous improvement as well as consistent efforts to promote sustainable development. Our World Headquarters are located in Monterrey, Mexico where Vitro was founded in 1909 and now embarks major facilities and a broad distribution network in ten countries in the Americas and Europe. For more information, you can access Vitro’s Website at: http://www.vitro.com