Vitro Completes Its Financial Plan with $100 Million Property
Vitro S.A.B. de C.V. has announced that it has finalized the sale of real estate
currently occupied by its subsidiary Vidriera Mexico in Mexico City for US$100
With this transaction, Vitro has reached its stated goal of raising more than
US$300 million before year-end 2006, which will be used to pay down holding company
debt and strengthen its financial position.
Under the terms of the transaction Vimex will have three years to transfer
its facilities to the new location in the industrial valley of Toluca Mexico,
while Vitro will continue to use the existing premises for the first two years
at no cost.
"We continue to deliver on the financial plan formulated during mid-2005
to establish Vitro as a company with lower cost of capital, long-term funds, higher
cash-flow generation, and a solid path to growth. We are very grateful for everyone's
patience and support during this process as we continue to deliver on our promises,"
said Federico Sada, Vitro's chief executive officer.
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