Vitro Announces that its Subsidiary in Spain is Filing for Insolvency Protection

San Pedro Garza Garcia, Nuevo Leon, Mexico, June 5, 2012 - Vitro S.A.B. de C.V. (“Vitro” or the “Company”) (BMV: VITROA) announces that its subsidiary in Spain, Vitro Cristalglass, S.

L. (“Vitro Cristalglass”) has started the process to filing for insolvency and requests the judicial declaration of Concurso, through the Commercial Courts of Madrid.This decision is the result of the current economic crisis, specifically in the construction industry, in European markets where Vitro Cristalglass conducts its business.In 2011, Vitro Cristalglass represented 4 percent of the consolidated sales of Vitro.Given that Vitro Cristalglass has operated at a loss since 2009, this will have a positive impact at the EBITDA line of US$ 10 to 15 million.

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world’s major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website: www.vitro.com

600450 Vitro Announces that its Subsidiary in Spain is Filing for Insolvency Protection glassonweb.com

See more news about:

Others also read

Jumbo Glass: Bigger is Just the Beginning
Building design is constantly changing. Today, strict energy codes and ambitious designs are urging architects to evolve their designs, and manufacturers must provide solutions for these emerging challenges.
Innovative bird-friendly glass featuring Starphire glass among highlights of renovated Tropical Rainforest
National Aviary’s new bird habitat unveiled after extensive renovation.
Starphire glass enhances UV transmittance, vegetation in renovated Tropical Rainforest
Workers install tropical plants, trees under bird-friendly glass to prepare for reopening of prized National Aviary attraction.
Goldray’s laminated pattern on Starphire glass showcases colorful corporate design trend
Ultra-clear glass, color interlayers highlight Spencer Finch-designed panels at 1775 Tysons Blvd.
New Holtec International headquarters features glass fabricated by J.E. Berkowitz
J.E. Berkowitz announced the completion of Holtec International’s new corporate HQ on the company’s 50-acre Krishna P. Singh Technology Campus in Camden, New Jersey.
Vitro Architectural Glass to debut ACUITY low-iron glass, sample kit available for pre-order
New low-iron glass offers clarity, color fidelity upgrade over conventional clear glass.

From industry

NEWS RELATED PRODUCTS

Vitro Architectural Glass (Formerly PPG Glass)
Vitro Architectural Glass (Formerly PPG Glass)

Add new comment