Mexican glass maker Vitro SA said 27 October 2005 that it is seeing a lot of interest from prospective buyers for its Monterrey headquarters, which the company put on sale in October 2005 to help pay …
Mexican glass maker Vitro SA said 27 October 2005 that it is seeing a lot of interest from prospective buyers for its Monterrey headquarters, which the company put on sale in October 2005 to help pay down debt. “This is a prime piece of real estate in Monterrey, and Monterrey has some of the highest real estate values in the country,” Vitro Chief Financial Officer Alvaro Rodriguez told investors and analysts during a conference call. Rodriguez said several letters of interest for the property had been received, but that talks with potential buyers were likely to take months. He declined to say how much Vitro hopes to gain for its headquarters. Vitro had net debt of USD 1.27 billion at the end of September 2005. The company reported a net loss 26 October 2005 of USD 10 million for the 3Q on sales of USD 634 million. In addition to selling its headquarters, Vitro says it is open to selling off key business lines. In July 2005, the company said it was in talks to sell its interest in a glass tableware venture to partner Libbey Inc., Vitro holds 51% of the unit, which is called Crisa. Rodriguez said that if the Libbey deal closes, he expects it to do so in 2005. “One thing is reaching an agreement, and another is signing on the dotted line,” he warned.