Vitro’s subsidiary – Vitro Cristalglass, S.L. – in voluntary Concurso, due to the economic crisis in European markets, specifically in the construction industry, where Vitro Cristalglass conducts its business.
Vitro S.A.B. de C.V. has announced that its subsidiary in Spain, Vitro Cristalglass, S.L., has been declared in voluntary Concurso by the Commercial Courts and that the Insolvency Trustee has been appointed.
On 5 June 2012, the company stated that it has taken this decision as a result of the economic crisis in European markets, specifically in the construction industry, where Vitro Cristalglass conducts its business.
In 2011, Vitro Cristalglass represented 4% of the consolidated sales of Vitro.
Given that Vitro Cristalglass has operated at a loss since 2009, this will have a positive impact at the EBITDA line of USD 10 to 15 million.