At the annual general meeting of Vitro S.A.B. de C.V., on 28 March 2007 shareholders approved the 2006 financial results as well as the audit, corporate practices and finance and planning committees, …
At the annual general meeting of Vitro S.A.B. de C.V., on 28 March 2007 shareholders approved the 2006 financial results as well as the audit, corporate practices and finance and planning committees, and the 2006 board of directors and CEO“s reports. In addition, the shareholders declared a cash dividend of MXN 0.37 per common share, payable on 18 April 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. 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 a significant debt reduction and increases in sales, margins, and cash flow, despite high natural gas and energy prices that continue to impact 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”. In 2007, Vitro expects to invest approximately USD 195 million in maintenance of its glass container and float glass production lines, expand its glass container manufacturing capacity, transfer Vimex facilities to Toluca, and optimize its manufacturing processes and technology.