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