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“While performance continued to benefit from the peso appreciation, the results in each business unit reflect the varying stages of a slow economic recovery in specific markets, the effect of changes in demand on volumes as well as the impact of the steps Vitro has taken over the past year to improve profitability and service its clients,” said Hugo Lara, Vitro CEO.
”Domestic Glass Containers sales volumes declined by 3% year-over-year, driven by lower demand in the beer and, to a lesser extent, the food segment. A weaker overall product mix also affected sales. We continued to defend our market share at the expense of price and margin erosion as excess capacity in local markets increased competition.
“Export volumes for Glass Containers fell by 1%, primarily driven by lower demand in the Wine and Liquor segment. In the Flat Glass business unit, domestic and export sales volumes for both construction and auto glass rose, although foreign subsidiary sales fell 25%, reflecting the weak Spanish and U.S. construction markets."
For more information, visit www.vitro.com.