Manufacturing Industry
Vitro Reaches Agreement to Sell its 60% Stake in Vitro Fibras to Owens Corning.
Advanced Materials & Composites News, February, 2004
Garza Garcia, Mexico, January 26, 2004 Vitro, S.A. de C.V. announced today that it has reached a preliminary agreement to sell its 60 percent interest in Vitro Fibras, S.A. to Owens Corning for approximately US$71.5 million in cash. Owens Corning currently owns 40 percent of this Mexican based joint venture, which was formed in 1957.
Vitro has also agreed to pay Vitro Fibras approximately US$22 million to pay its bank debt at the closing of negotiations. "This is a strategic move for our company and part of our plan to focus on our core businesses of Flat Glass, Containers and Glassware" said Federico Sada, Vitro's CEO. "Vitro will continue to focus its resources and energy to maintain and develop its glass-oriented businesses throughout the world. Vitro...
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