With this transaction, Vitro has reached its stated goal of raising more than US$300 million before year-end 2006, which will be used to pay down holding
company debt and strengthen its financial position.
Under the terms of the transaction Vimex will have three years to transfer its facilities to the new location in the industrial valley of Toluca Mexico, while Vitro will continue to use the existing premises for the first two years at no cost. Vitro’s CEO, Federico Sada, commented, “We continue to deliver on the financial plan formulated during mid-2005 to establish Vitro as a company with lower cost of capital, long-term funds, higher cash-flow generation, and a solid path to growth. We are very grateful for everyone’s patience and support during this process as we continue to deliver on our promises.”
Vitro completes its financial plan with $100 million property sale
Vitro, announced that it had finalized the sale of real estate currently occupied by its subsidiary Vidriera Mexico (Vimex) in Mexico City for US$100 million.