The week's business headlines

Pilkington brings legal action against Vitro
Officials from United Kingdom-based glassmaker Pilkington announced Feb. 2 that the company will start a legal case against fellow glassmaker Vitro of Mexico, according to Reuters report the same day.

Pilkington officials say Vitro attempted to merge a joint-venture into another company without informing Pilkington officials, according to the report … read more

Asahi Glass expects profits to double in 2007
Officials from Japan’s Asahi Glass Co. announced Feb. 5 that they expect net profits to double in 2007, based on strong demand for flat panel display glass, according to a Feb. 5 Reuters article… read more

Oldcastle parent sued for $120 million
Port Dock Holdings of New York is suing CRH of Ireland, parent of Santa Monica, Calif.-based Oldcastle Glass, for $120 million. Officials at Port Dock claim that CRH’s affiliates created a monopoly in the New York City area, forcing Port Dock to sell its assets “far below fair market value,” according to a Feb. 2 article in Business World … read more

Increases in glass production might prevent China from reaching energy reduction goals
Chinese government officials report the country is unlikely to reduce its energy consumption by 20 percent by 2010, its previous energy reduction target, according to a Feb. 1 article from China Business News On-Line… read more

Production begins at Advent Solar’s new facility
Solar panel manufacturer Advent Solar of Albuquerque started production at its facility in Mesa de Sol development in Albuquerque, according to a Feb. 1 article from the Albuquerque Journal. The grand opening of the facility will take place Feb. 22… read more

Drop in Indonesian tin production predicted for 2007
Indonesia is predicted to decrease output by up to a third this year due to new government environmental regulations, according to a Jan. 31 FT.com article. Tin is a critical material in float glass production, and Indonesia is the world’s largest tin exporter, according to the article.

Thobrani Alwi, the president of Timah, the country's largest tin manufacturer, made the prediction Jan. 30, according to the article … read more

Financial company ups ratings for Vitro
New York City-based Fitch Ratings, a financial ratings company, upgraded Mexican glassmaker Vitro’s Issuer Default Rating from ‘CCC’ to ‘B’, according to a Jan. 30 Fitch Ratings release.

Fitch also upgraded ratings for Vitro’s $1 billion notes offering and $225 million senior unsecured notes, according to the release.

Fitch officials said the upgrades come as a result of Vitro’s improved capital structure and debt profile, according to the release … read more