Co-operation negotiations in Glaston's Finnish units have ended

Glaston Corporation   Other information disclosed according to the rules of the Exchange    20 November 2019  8.30 am

Glaston’s co-operation negotiations concerning adaptation measures have ended. As a result, Glaston plans to decrease the number of employees in Finland by approximately 12 people, out of which at most 8 employments will be terminated. Previously Glaston had estimated that the negotiations could lead to the termination of approximately 20 employments.

In addition, the Finnish operations are planned to be adapted to the decrease in the order book for heat treatment machines and thereby resulting production and financial situation. The temporary layoffs for the entire Finnish staff are planned to be carried out in two stages starting in December, mainly utilizing a shorter working week, however, so that deliveries in the orderbook and customer work are not jeopardized. The amount of external work will also be minimized.

The afore mentioned measures will lead to the earlier mentioned savings of EUR 2 million, out of which approximately EUR 1 million is permanent annual savings. The majority of the savings will occur in 2020.

The Glaston-segment employed 193 people in Finland at the end of September.

Glaston Corporation

For more information:

CFO Päivi Lindqvist, tel. + 358 40 708 5351
VP IR, Communications and Marketing Joséphine Mickwitz, tel. +358 10 500 5070

Glaston in brief

Glaston is the glass processing industry’s innovative technology leader supplying equipment, services and solutions to the architectural, automotive, solar and appliance industries. The company also supports the development of emerging technologies integrating intelligence to glass.

As of April 2019, Bystronic glass is part of Glaston Group. Together we are committed to providing our clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. We operate globally with manufacturing, services and sales offices in 12 countries. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd.

Distribution: Nasdaq Helsinki Ltd, key media, www.glaston.net.