Vitro: Annual Shareholders Meeting Approves 2006 Financial Results

- Reiterates commitment to discipline regarding its business strategy - Vitro plans to invest US$195 million in 2007Vitro S.

A.B. de held its Annual General Shareholders  Meeting at which the 2006 financial results were approved.  At the meeting, shareholders approved the Audit, Corporate Practices and  Finance and Planning Committees, as well as the 2006 Board of Directors and  CEO’s reports.

Additionally, the shareholders declared a cash dividend of MxPs $0.37 (thirty  seven cents) per common share, payable on April 18, 2007; elected Directors for  the coming year; certified the independent ones; and elected the Chairmen of the  Audit and Corporate Practices Committees, in accordance with the new Mexican  Securities Law.

The shareholders recognized that the Company’s commitment and discipline in  implementing its business strategy during the past several years resulted in  Vitro’s deep transformation in 2006. Key achievements include an important debt  reduction and increases in sales, margins, and cash flow, despite high natural  gas and energy prices that continue to impact the Company financial results.

Federico Sada, CEO of Vitro said, “We have faced difficult and challenging times,  and we are proud to see that the strategies, decisions and actions we have taken  enabled the Company to achieve financial stability and growth. We are deeply  satisfied because we have been able to turn Vitro around and once again create  value for our shareholders, as we publicly announced was our challenge for  2006.”

Based on its current financial profile, the Company is now able to focus its  energy and efforts on fulfilling its customers’ needs and taking advantage of

business opportunities, in order to generate organic and profitable growth and

deliver positive results for Vitro’s shareholders.

During 2007, the Company expects to invest approximately US$195 million in  maintenance of its glass containers and float glass production lines, expand its  glass containers manufacturing capacity, transfer Vimex facilities to Toluca, optimizing its manufacturing processes and technology to maintain its

competitive edge.

600450 Vitro: Annual Shareholders Meeting Approves 2006 Financial Results glassonweb.com
Date: 7 April 2007
Source: Vitro

See more news about:

Others also read

Walker Glass manufactured a low-iron glass with white, backpainted and bronze-tinted mirror with a satin acid etch applied.
Mountain views, energy efficiency highlight new Ent Center at UC Colorado Springs.
New site highlights the beauty, durability and value of premium shower glass.
Advanced low-e glass glazings fulfill demand for clarity, solar control performance.
Multinational clothing retailer H&M wants people to “stop in their tracks” when they see the company’s first flagship store in Canada.

From industry

NEWS RELATED PRODUCTS

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

Add new comment