Vitro grows glass container business in Central America

Vitro S.A.B. de C.V., announced 10 December 2008 that the company and its two Central American partners have decided to share control of the daily operations of Panama-based Empresas Comegua, S.A.. Th…

Vitro S.A.B. de C.V., announced 10 December 2008 that the company and its two Central American partners have decided to share control of the daily operations of Panama-based Empresas Comegua, S.A.. The decision is intended to further drive glass container business growth in the Central American and Caribbean markets. Vitro will maintain its 49.7% interest in Comegua, whose operations will continue to be benefited with the undoubted contributions and knowledge of all of its partners in glass container manufacturing and market penetration. As a result of this decision, Vitro will now account its 49.7% participation in Comegua under the equity method, therefore, majority stockholders“ equity and majority net income will not be affected. Vitro and its partners London Overseas, Inc. and Golden Beer, Inc. have participated in the Comegua joint venture since 1964. Comegua is by far the most important glass container manufacturer in the region, and maintains a strong market presence in Central America and the Caribbean. Comegua 3Q 2008 sales and EBITDA were approximately USD 216 million and USD 32 million respectively.