Vidrala“s record breaking accounts for 2005, when the Spanish container glass maker achieved all-time highs in sales and profits, were approved by shareholders at a meeting on 20 June 2006. Vidrala r…
Vidrala“s record breaking accounts for 2005, when the Spanish container glass maker achieved all-time highs in sales and profits, were approved by shareholders at a meeting on 20 June 2006. Vidrala recorded turnover of EUR 297.5 million, a rise of 57.52% on 2004, and a net profit of EUR 27 million, up 29.8%. The key to the success was the change in direction the firm has undergone in the last two years, with the launch of an international expansion that has seen the acquisition of Ricardo Gallo in Portugal and an Owens-Illinois plant in Italy. Vidrala has also taken over an Owens-Illinois plant at Castellar del Valles in Barcelona province. Shareholders approved a capital increase, to be paid out of reserves and therefore free to shareholders, at a rate of 1 new share for each 20 existing. Company president Carlos Delclaux indicated that the move is aimed at increasing the liquidity of the share on the stock market, in line with the demands of certain shareholders. Vidrala“s shareholders are very stable and traditional, a factor which on numerous occasions has proved limiting for groups of investors wishing to acquire significant holdings. Mr. Delclaux did not offer any advance figures for the current financial year, although he was optimistic about the firm“s prospects in the medium to long term.