The Monterrey glass manufacturer Vitro signed a credit agreement with BBVA Mexico for an amount of 70 million dollars with a maturity of five years.
The company reported in a statement sent this Wednesday to the Mexican Stock Exchange (BMV) that the amount will be used to finance the new furnace for its packaging business located at the plant in Toluca, State of Mexico. The furnace will start operations in the first half of 2023.
The credit agreement was entered into by one of the company's subsidiaries, Vitro Envases. Vitro and some of its subsidiaries in Mexico and abroad signed as guarantors.
Adrián Sada Cueva, general director of the company, announced in October that the new oven will have the best technology for the manufacture of high-quality and sophisticated glass, which will allow the company to offer products with added value.
The production of glass containers has allowed the company to compensate for the drop in demand for glass for the automotive industry, which has failed to stabilize production volumes since the pandemic began in 2020.
In early June 2020, the Monterrey-based company announced the definitive closure of two automotive glass plants in the United States, with the aim of reducing costs in the face of the crisis caused by the coronavirus (COVID-19).
Vitro, founded in 1909 in Monterrey, Mexico, is one of the leading glass manufacturing companies in North America and one of the largest in the world.
