Vitro to invest USD 150 million in 2005, shareholders told

At its general shareholder meeting, Vitro S.A. de C.V. announced 17 March 2005 that it will invest approximately USD 150 million in 2005 in order to expand its container and automotive glass productio…

At its general shareholder meeting, Vitro S.A. de C.V. announced 17 March 2005 that it will invest approximately USD 150 million in 2005 in order to expand its container and automotive glass production lines, implement a new technological tool to optimize its processes (ERP), and convert its production facilities to use alternative fuel energy, among other key projects. At the end of the general shareholder“s meeting, Vitro CEO Federico Sada said that these investments will allow the company to take advantage of niche markets in the containers segment, growth in Mexico“s per capita glass consumption, and the development of new products for the automotive and glassware industry in order to maintain its sales during 2005. “We have almost concluded our non strategic businesses divestiture process. We will now dedicate our energy to increase Vitro“s operations efficiency, increase company sales and profitability, and continue to reduce costs to our final objective of becoming one of the glass industry leaders worldwide”, said Federico Sada. During the meeting, the 2004 financial results were approved, and shareholders also approved a resolution to pay a cash dividend of MXN 0.30 per common share of coupon # 64, canceled the pending cash dividend related to coupon # 60, and elected members of the Board of Directors and the Examiners for 2005. Shareholders also approved Vitro“s strategy that calls for it to concentrate on its glass related businesses, strengthen its financial position, maximize operational efficiency, reinforce its international presence, seek selective businesses opportunities through strategic joint ventures, as well as continue with its alternative fuel source technology conversion process to reduce energy costs. In addition, shareholders approved the merger of FINCO, Vitro“s wholly owned company, with holding company Vitro S.A, to achieve administration savings and strengthen the financial structure of the holding company.