Spanish glass container manufacturer Vidrala has reorganized the structure of the group in order to accommodate its latest acquisitions.
The group set up Inverbeira, which has the status in Spanish l…
Spanish glass container manufacturer Vidrala has reorganized the structure of the group in order to accommodate its latest acquisitions. The group set up Inverbeira, which has the status in Spanish law of an enterprise promotion company, in order to take control of Ricardo Gallo at the end of 2003. Vidrala has now set up Valvitrum in Spain and Corsico Vetro in Italy to complete the acquisition from O-I of the plants in Castellar del Valls (Barcelona) and Milan, Italy. At the next shareholder“s meeting on 21 June 2005, Vidrala will propose the consolidation with Inverbeira and Valvitrum for tax purposes, from 2006. The three companies pay tax to Alava province, north-east Spain, where they are registered. An enterprise promotion company such as Inverbeira enjoys tax breaks from the provincial authorities. Crisnova, which has a plant in Albacete (south-west Spain), and its subsidiary Corsico Vetro will be treated separately for tax as they are registered outside of Alava, although for accounting purposes they will be included in the group consolidated results. In the 1Q of 2005, the group presented its first consolidated results including Ricardo Gallo as well as the newly-acquired plants. The results give a net consolidated profit of EUR 5.5 million, up 11.27%, according to international accounting standards. At the meeting shareholders will also approve a dividend totalling EUR 8.87 million for 2004. For 2004, Vidrala posted a net profit of EUR 21.55 million, up 21.2%, and consolidated turnover of EUR 190.11 million, up 29.17%.