Mexican glassmaker Vitro to increase investment by 65 pct
MEXICO CITY, April 29 (Reuters) - Mexican glassmaker Vitro, which recently ended a legal battle with creditors over its 2011 bankruptcy, said on Monday it will increase its business investment by 65 percent this year after reporting a double-digit jump in revenue in 2012.
The Monterrey-based company, which makes flat glass as well as glass containers for cosmetics and other uses, said in a statement it plans to invest 1.777 billion Mexican pesos ($146.58 million) mainly to increase capacity and modernize factories.
Mexican businessman David Martinez' Fintech fund in March agreed to buy debt held by U.S. hedge funds that were fighting Vitro in court for payment, in return for a 13 percent stake and $235 million in debt.
Vitro shares closed down 5.66 percent at 27.25 pesos on Monday.
Story Copyright © 1999-2013 Reuters HedgeWorld All rights reserved.