Vitro S.A.B. announced 10 Dec/08 that the company & its 2 Central American partners have decided to share control of the daily operations of Panama-based Empresas Comegua SA. The decision is intended to further drive glass container business growth in the Central American & Caribbean markets. Vitro will maintain its 49.7% interest in Comegua. As a result of this decision, Vitro will now account its 49.7% participation in Comegua under the equity method, therefore, majority stockholders' equity & majority net income will not be affected. Vitro & its partners London Overseas, Inc. & Golden Beer, Inc. have participated in the Comegua joint venture since 1964. Comegua is by far the most important glass container manufacturer in the region, & maintains a strong market presence in Central America & the Caribbean. Comegua 3Q 2008 sales and EBITDA were approximately USD 216 million and USD 32 million respectively.
