Vitro Cristalglass insolvent

Published 16th July, 2012 by Greg Morris

Vitro’s Spanish subsidiary Vitro Cristalglass has been declared insolvent.

The company said it took the decision as a result of the economic crisis in Europe, particularly the construction industry, where Vitro Cristalglass conducts its business.

In 2011, Vitro Cristalglass represented 4% of Vitro’s consolidated sales. Given that Vitro Cristalglass has operated at a loss since 2009, this will have a positive impact on its EBITDA of between $10 to 15 million.

A Spanish commercial court declared the company insolvent on July 6.

Greg Morris

Glass International Editor

Greg Morris has been editor of Glass International and organiser of the Glassman conferences since 2012, specialising in glass packaging. Prior to this he spent five years working in newspaper journalism.