Mexican glassmaker Vitro SA said it has raised US$ 16.5 million in capital by selling non-strategic assets as part of a debt reduction plan.
Vitro sold its majority stake in industrial chemical produ…
Mexican glassmaker Vitro SA said it has raised US$ 16.5 million in capital by selling non-strategic assets as part of a debt reduction plan. Vitro sold its majority stake in industrial chemical producer Silicatos y Derivados SA, or Sidesa, for US$ 9.9 million, and a 23.66% stake in a Peruvian glassmaker for US$ 6.6 million, the company said in a filing with the Mexican Stock Exchange. “Vitro has a goal of reducing debt by US$ 150 million, or 10%, by December 2000. For that reason, we will utilize these funds for the prepayment of debt,” said chief financial officer Jose Antonio Lopez. Vitro“s 55% stake in Sidesa was sold to PQ Corp., which had held the remaining 45% of shares. The business represented 1.4% of Vitro“s consolidated sales, the company said. In addition, Vitro sold its stake in Compania Manufacturera de Vidrio del Peru to Vidrios Internacionales, a unit of Owens-Illinois Inc. Vitro said the transaction would have no effect on its consolidated earnings. Vitro said last year it would raise US$ 100 million from the sale of non-strategic assets in an effort to reduce the company“s debt.