Vitro America sale final; US execs denied bonuses
June 20, 2011
COMMERCIAL, RETAIL, FABRICATION : BUSINESS
Mexico's Vitro SAB completed the sale of U.S. subsidiaries, including Vitro America and Super Sky Products, to Sun Capital affiliate American Glass Enterprises for about $55 million on June 17, according to a same-day report in The Washington Post.
"We are delighted with the successful outcome of the bidding process for Vitro," said Jeff Leone, CEO of Arch Aluminum & Glass, in a prior statement to Glass Magazine. "Now, the real work begins to consolidate our three companies: Arch, United Glass Corp., and Vitro. Our mission remains to create the leading glass fabrication business in North America by focusing on quality and service to our customers..."
Read industry reaction to the news.
In related news, a Texas bankruptcy judge denied Vitro SAB's attempt to pay bonuses to two top executives, saying the Mexican glass maker failed to show how the would-be recipients improved the price the company received for its U.S. units sold at auction, according to a June 16 MarketWatch report from The Wall Street Journal.
Judge Harlin D. Hale of the U.S. Bankruptcy Court in Dallas blocked Vitro from paying $1.3 million to 17 employees, including a $1 million bonus to Vitro America Chief Executive Arturo Carrillo and Chief Financial Officer Ricardo Maiz, according to the report. Read more...