On 25 April this year, Mexican conglomerate Vitro SA said it has restructured its top-level management team, creating two new vice-president positions and an executive council. In a filing with the Me…
On 25 April this year, Mexican conglomerate Vitro SA said it has restructured its top-level management team, creating two new vice-president positions and an executive council. In a filing with the Mexican Stock Exchange, Vitro said Jose Domene, current head of the company“s flat glass and international operations, will become vice-president of operations. Luis Nicolau, a partner in a Mexican law firm, will assume the role of corporate vice-president. Both Domene and Nicolau will report directly to Vitro chief executive Federico Sada. Vitro has also created an Executive Committee comprised of Sada, Domene, and Nicolau. The committee will be responsible for overseeing day-to-day negotiations of the company, implementing company strategy, and supporting the company“s long-term growth objectives, Vitro said. Unaudited financial results for the three months ending March 31, 2001for Vitro, S.A. de C.V were announced on 26 April. Consolidated net sales for the first quarter of 2001 reached US$ 672 million, representing an increase of 5.6% in dollar terms compared with US$ 636 million for the first quarter of 2000. In peso terms, sales reached Ps$ 6,455 million, representing an increase of 0.9% compared with Ps$ 6,397 million for the first quarter of 2000. Flat Glass was the main driver of Grupo Vitro“s sales performance, followed by Acros Whirlpool, which continued to increase sales, offsetting the other businesses“ decline. Earnings before interest and taxes for the first quarter of 2001 were US$ 72 million, representing a 15% decline from US$ 85 million for the same period of 2000. Net income for the first quarter of 2001 was US$ 29 million, compared with US$ 48 million for the same quarter in 2000, due mainly to the impact of non-cash items. Flat Glass and Acros-Whirlpool, the Company“s household products unit, posted positive sales performances for the quarter. In Flat Glass the improvement was mainly the result of additional sales at Harding Glass, which started to consolidate from April 2000, although volumes to the export markets reflected the slowdown in the U.S. economy. Acros Whirlpool continued to enjoy growth in both sales and volume terms that outpaced that of the domestic market. In Glassware, the slowdown in the U.S. economy affected export sales, especially in the industrial segment. Sales at the Glass Container unit remained almost unchanged year over year.