Mexico“s glass manufacturer Grupo Vitro said it projected sales volume growth of 10% in 2000 and also said it would issue US$ 100 million in European bonds.
“We estimate additional sales of US$ 250 …
Mexico“s glass manufacturer Grupo Vitro said it projected sales volume growth of 10% in 2000 and also said it would issue US$ 100 million in European bonds. “We estimate additional sales of US$ 250 million, an increase of 10%, starting in 2000 reaching full effect in 2001,” Vitro said in a report. In its flat glass division, Vitro recently acquired Harding Glass through its Memphis-based subsidiary VVP America, which it expects will bring in an additional US$ 90 million a year. A Vitro official had earlier placed additional sales as a result of the acquisition at US$ 120 million. Vitro also hopes to see a sales increase of US$ 25 million from a partnership with US-based Libbey Inc., which has decided to close down a glassmaking plant in Canada and shift production to Mexico. Vitro officials had earlier estimated the project to bring in an estimated US$ 40 million a year. The Monterrey-based company, which has a debt load of about US$ 1.60 billion, also plans to issue a US$ 100-million Eurobond to restructure short-term debt, although it did not specify when this would happen. “If the market conditions are appropriate,” it will seek to refinance syndicated loans totalling US$ 80 million, the Vitro report said. Vitro also plans to sell US$ 100-million worth of non-strategic assets.