Volume 37, Issue 11, November 2002



Vitro S.A. de C.V. Issues Note to Reduce Debt

Vitro S.A. de C.V. of Mexico has announced that it has issued a medium-term note in the Mexican market for approximately 360 million pesos. The note will mature on October 2, 2008. The note will bear an interest rate of 325 basis points over the 182-day Mexican CETES.

The issue was granted a rating of AA-(mex) by Fitch Mexico S.A. de C.V., the rating agency. Proceeds from the issue will be used to extend the average life of Vitro’s debt profile by replacing short-term debt with long-term maturities, according to the company. In addition, the transaction is part of Vitro’s plan to reduce its debt and strengthen its financial position.

Earlier this year, Vitro announced that it was working on a strategy to streamline operations, focus on production, manufacturing and distribution of glass products, divest non-core assets and strengthen its financial structure.

Hegla Opens UK Office

Hegla Machinery Ltd. of Germany has opened a sales and service office in the United Kingdom (UK) to support its comprehensive range of glass cutting and handling machinery for float and laminated glass, according to the company. The office will be based in Milton Keynes and Steve Goble will act as managing director of the office.

“Our aim will be to offer a complete package to current and future customers by the means of comprehensive spare parts, UK-based service engineering and administration,” said Goble.

Asahi Launches One Last Bid for Glaverbel
Asahi Glass Co. Ltd. has announced that it has launched a last bid for the .92 percent of Glaverbel SA that it does not already own, prior to de-listing the stock. The bid is at 140.86 EURO per share, which is equal to the 145 EURO of the original tender offer, which ended in May, minus the 4.14 EURO gross amount of the dividend paid in the 
The terms are also the same as those in a subsequent off-market acquisition of 7 percent, according to Asahi, and the prospectus has been submitted formally to the Banking and Finance Commission. Asahi Glass corporate planning director Masayuki Kamiya said the company hopes to complete the operation by the end of the year and added that Glaverbel will continue to play a key role in the group.

Vietnam’s Phu Phong Corp. Installs New Furnace
Phu Phong Corp. of Vietnam installed Tamglass’s HTF-2442 (tempering furnace) in June 2001, and production began in August. Phu Phong makes table tops, specialty items and glass art.

“Glass is in great demand in residential and other building projects where it is expected to help create modern looks for buildings in a safe way,” said Huynh Ngoc Thanh, Phu Phong director. “We wanted to be involved in the construction business, which is especially active at our home base, the Ho Chi Minh area.”

Phu Phong tempers clear and tinted float glass with thicknesses ranging from 4 to 19 mm. While most of its production is marketed toward Vietnam’s construction and furniture industries, some of the product is sold abroad.

ICD USA Expands Overseas
Vancouver, Wash.-based ICD USA has announced that it will expand its overseas coating production and technical service centers. Currently, the company manufactures its OPACI-COAT-300® spandrel in the United States and in Cordoba, Spain. In addition, ICD has expanded into the Australian marketplace by opening a sales and field service office there.

“This move creates a much-needed localized presence in emerging glass markets seeking alternatives to frit spandrel,” said ICD president Larry Vockler. 

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