On 3 September, Vitro S.A., the Mexican glass manufacturer, announced that it had implemented the joint venture agreement which had been announced on 18 August with Libbey Inc. of the United States. T…
On 3 September, Vitro S.A., the Mexican glass manufacturer, announced that it had implemented the joint venture agreement which had been announced on 18 August with Libbey Inc. of the United States. The transaction is valued at approximately US$ 100 million, and, as previously announced, Vitro will use the proceeds to pay down holding company debt. Under the agreement, Libbey becomes a 49% equity holder in Vitrocrisa, which was a wholly-owned subsidiary of Vitro before the deal; Vitrocrisa becomes the distributor of Libbey products in Mexico, Central and South America; Libbey becomes the distributor of Vitrocrisa glass tableware products in the United States and Canada; and Libbey purchases the business known as WorldCrisa, a supplier of flatware, dinnerware and other tabletop products to the foodservice industry in the United States.