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Vitro to sell more businesses in 2004

In 2004, Mexican glass manufacturer Vitro plans to conclude the strategy announced in 2002 of focusing on flat glass, containers and Crisa following the sale of Vitro Fibras and two other businesses. …

In 2004, Mexican glass manufacturer Vitro plans to conclude the strategy announced in 2002 of focusing on flat glass, containers and Crisa following the sale of Vitro Fibras and two other businesses. Alvaro Rodrguez, general director of finances for the company, said the moves were part of the final phase of streamlining the firm“s operations.”The market has given [the sale] the go ahead because the share price closed with a gain of 1.34% in Mexico and 2.62% in New York,” confirmed the executive. He added that apart from Vitro Fibras, two other companies belonging to the corporation would also be sold off in 2004, as they do not fit the glassmaker“s strategic development plans. Vitro signed an agreement with partner Owens Corning to sell its 60% stake in Vitro Fibras for USD 71.5 million. The firm was a joint investment between the two companies. Vitro agreed to pay around USD 22 million to cover the payment of Vitro Fibras“ bank debt when the deal goes through. Directors of Owens Corning said the purchase would be an opportunity to boost its client base in Mexico and Latin America.

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