Latest News in Commercial Glass

  • Vitro S.A.B. de C.V., Mexico’s largest glass manufacturer, announced today that it has successfully completed the refinancing of its two-tranche trade receivables securitization for two of its wholly owned subsidiaries, according to an April 1 company release.The senior tranche is a $550 million peso variable rate investment grade bond. The senior tranche is funded by Ixe Banco, Instituci...
  • Mexican glass maker Vitro SAB Tuesday reported a net loss of $343 million for the fourth quarter of 2008 as sales fell and financial costs increased on derivatives losses and a weaker peso.In a press release, Vitro said the net loss compared with a profit of $48 million in the fourth quarter of 2007.Financial costs increased to $446 million from $23 million on losses associated with natural gas...
  • Vitro S.A.B. de C.V., Mexico, announced today that has reached stay agreements with Credit Suisse, Calyon, Merrill Lynch, Barclays and Citibank, counterparties of derivative financial instruments, according to a March 17 company release.In accordance with these stipulations, the parties have agreed to a continuance of the deadline for the filling of Vitro’s initial responsive pledging in...
  • Aluminum producer Alcoa [parent company of Kawneer NA, Norcross, Ga.] said Monday it plans to slash its quarterly dividend by 82 percent and sell $1.1 billion worth of shares to bulk up its cash cushion amid the recession.The Pittsburgh-based company also said it plans to cut costs by more than $2.4 billion annually by 2010. Alcoa said its actions will reduce capital spending by an...
  • U.S. aluminum giant Alcoa [Pittsburgh, parent company of Kawneer NA, Norcross, Ga.] is so desperate to conserve cash amid a metal price slump that it is willing to consider selling a strategic stake to a company such as Chinalco.Alcoa, which in 2001 had a larger market value than BHP Billiton, is now worth just $4.9 billion amid a dramatic slump in aluminium prices. That compares to the $38....
  • President and CEO Mika Seitovirta and CFO Kimmo Lautanen presented Glaston Corp.'s January–December 2008 financial statement bulletin today."The global financial crisis considerably weakened the glass processing machine market in the second half of 2008," Seitovirta said. "The development is particularly evident in orders of new machines. During the final quarter of the year...
  • Value-added glass solutions provider Apogee Enterprises Inc. reported a rise in the third-quarter net earnings from the year-ago period primarily due to higher revenues. The company also reaffirmed its fiscal 2009 earnings per share view. The Minneapolis, Minnesota-based company reported a rise in third-quarter net earnings to $17.65 million, or $0.63 per share, from $11.0 million, or $0.38 per...
  • Members of the Associated General Contractors of America, Washington, D.C.,  today urged House Democrats to develop an economic recovery plan that includes provisions to boost construction activity during an Economic Forum with leading economists, according to an Oct. 13 AGC release."A significant boost to construction in the form of increased infrastructure investment will create...
  • Apogee Enterprises Inc., Minneapolis, announced fiscal 2009 second quarter earnings. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries, according to a Sept. 17 Market Watch report.
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What's Hot

  • Cardinal LG Co., a subsidiary of Cardinal Glass Industries, has acquired Northeast Laminated Glass Corp., based in Jessup, Pa. Terms of the agreement were not disclosed. Cardinal LG will continue serving customers’ product needs from the Jessup facility. “Founders Tom Zaccone and Larry Tumminia, and the employees of Northeast Laminated, have done an excellent job building this business and...
  • The largest glass, window and door show in the Americas is offering industry suppliers two new, multi-layered promotion programs for exposure before, during and after GlassBuild America: The Glass, Window & Door Expo in Las Vegas, Sept. 10-12, 2014. The sponsorships key off new, interactive glassTalks™―part of the inaugural Express Learning sessions on the show floor.“Express Learning is the...
  • John Swanson, editor and associate publisher of Window & Door, passed away on Sunday, January 19, 2014, in Manhattan. He was 52 years old.John started his publishing career at Ashlee Publishing in New York City in 1984. He was founding editor of fenestration, launched in 1987, the first North American magazine specifically targeting the residential window and door market. There he...