19 November 1998: Mexican glassmaker Vitro SA said recently it would fall short of its US$ 200 million a year investment plan for this year and next, due to global financial uncertainty.
Company offi…
19 November 1998: Mexican glassmaker Vitro SA said recently it would fall short of its US$ 200 million a year investment plan for this year and next, due to global financial uncertainty. Company officials said the company would probably finish this year with investment of between US$ 170 million and US$ 180 million and invest a similar amount next year. Earlier this year, the company said it would invest US$ 1 billion in the next five years by investing an equal amount each year, and that it would use the money it did not invest to lower debt. “We would like to be more selective and we are not thinking of investing US$ 200 million next year as originally planned, but rather a smaller amount, about US$ 170 million to US$ 180 million,” Hugo Jaime Garcia, financing director said. “Given the circumstances of the global economy and the uncertainty that it represents not only for our company, but all Mexican companies, we want to be a little more prudent and cautious,” he added. He said the slightly lower level of investment would not hurt the company“s growth.