Vitro S.A. de C.V., celebrated its Annual General Shareholders Meeting on 27 April 2006 in which the sale of Vitrocrisa to Libbey, Inc. for USD 103 million dollars and the 2005 financial results were …
Vitro S.A. de C.V., celebrated its Annual General Shareholders Meeting on 27 April 2006 in which the sale of Vitrocrisa to Libbey, Inc. for USD 103 million dollars and the 2005 financial results were approved. The Annual Meeting acknowledged the annual sales record set by Glass Containers, which surpassed the USD 1 billion mark, as well as the slight improvement of the Flat Glass business unit by year end of 2005, which had a positive impact on the results to register a net gain in 2005. The improvement in the 2005 consolidated annual results took place despite rises in electricity and natural gas prices. “We“ve delivered on our strategy to become a glass company and are continuing to deliver on our commitment to strengthen our financial structure. We are building a stronger company as we move forward toward 2007”, said CEO Federico Sada. Vitro restated its commitment to pursuing a strategy of reducing the holding company debt and to the continued divestment of non-productive assets. In 2006, the company will invest approximately USD 120 million dollars in maintenance of its Glass Containers and flat Glass production lines, and technology to modernize its plants and optimize its processes, amongst other projects.