Glaston adjusts its operations in Finland
GLASTON CORPORATION Stock Exchange Release 3 March, 2009 at 10:00 a.m.
Glaston adjusts its operations in Finland Today, on 3 March 2009, Glaston Finland Oy has initiated negotiations in accordance with the Act on Co-operation within Undertakings, on adjusting the operations of its Heat Treatment business area to the prevailing market situation, because the adjustment measures agreed in late 2008 were insufficient in light of the orders received during recent months. The entire personnel of Glaston Finland are in the sphere of the negotiations, except its service business, totalling approximately 200 persons. The additional temporary lay-off requirement is estimated at 10 weeks, and redundancies for maximum 10 employees are estimated. The final level of the programme will be determined in negotiations with personnel representatives. Glaston Finland Oy's previous employer -employee co-operation negotiations were completed in December 2008. As a result of these negotiations, the company decided to temporary lay off its entire personnel for a period of 4 to 8 weeks during the winter and spring of 2009. Sales, service and product development personnel were unaffected by the temporary lay-offs. Currently, the employment contracts of 14 persons have been terminated due to production and financial reasons. Co-operation negotiations within Glaston's glass processing unit, Tamglass Glass Processing, will be completed on Thursday, 5 March 2009, and their results will be communicated during the same day. Presently, Glaston employs approximately 1,500 staff, of which some 400 work in Finland. For further information, please contact: Glaston Corporation, Mika Seitovirta, CEO & President Tel. +358 (0)10 500 500 Submitted by: Glaston Corporation Agneta Selroos Corporate Communications and IR Manager Tel. +358 (0)10 500 6105 Glaston Corporation Glaston Corporation is a growing and global glass technology group. As the leading supplier of glass processing machines in the world and a One-Stop-Partner for glass processors, its product range and service network are the most extensive in the industry. Glaston's well-known brands are Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety glass machines, and Albat+Wirsam in software solutions. Glaston's own glass processing unit, Tamglass Glass Processing, is a manufacturer of high quality safety glass products, and operates in Finland. Glaston's share (GLA1V) is quoted on the Mid Cap list of the NASDAQ OMX Helsinki. www.glaston.net