Vitro, S.A. de C.V. announced 27 September 2004 that it has entered into an agreement to sell its 50% interest in Vitro American National Can, S.A. de C.V. (Vancan), to its joint partner Rexam, for US…
Vitro, S.A. de C.V. announced 27 September 2004 that it has entered into an agreement to sell its 50% interest in Vitro American National Can, S.A. de C.V. (Vancan), to its joint partner Rexam, for USD 26.5 million, subject to adjustment for certain liabilities of approximately USD 4 million. Vancan is Vitros joint venture with Rexam dedicated to manufacturing aluminum beverage cans. The transaction is expected to be completed by the end of September 2004. On completion of the transaction, Rexam, will become the sole owner of Vancan, which was formed in 1994. “We are very pleased to agree to this important transaction with Rexam. The sale is consistent with our companys strategy to focus on glass, our core business”, said Federico Sada, Vitros CEO. “The deal meets two important corporate goals. First, it allows us to devote the companys resources and energy to maintain and develop our glass-oriented businesses throughout the world. Secondly, it provides us with the capital to strengthen our operations and financial position”, he concluded. Commenting on the acquisition, Rexam Chief Executive Stefan Angwald said: “This deal represents another step in our commitment to extend our position in growing markets with growing customers. We look forward to fully integrating the business and to delivering increased value for our customers.