Mexico's Vitro approves dividend payment, spinoff

Vitro said in a statement that shareholders also approved the previously announced spinoff of its 51 percent stake in Vitromatic, a joint venture appliance manufacturer, to partner Whirlpool Corp, the largest U.S. appliance maker.Whirlpool, already holding 49 percent of Vitromatic, will pay Monterrey-based Vitro around $150 million in cash to take full control and will also assume 100 percent of the venture's existing $220 million debt.Vitro, which makes flat glass, bottles and cans, has said it will use the funds principally to pay down debt.The spinoff will allow Vitro to concentrate on its core business.