Glaston plans efficiency measures to improve profitability
GLASTON CORPORATION STOCK EXCHANGE RELEASE 2.12.2010 at 14.00
Glaston plans efficiency measures to improve profitability Glaston will today initiate negotiations on adjustment measures aimed at improving the profitability of Glaston and the Machines segment in particular. The estimated number of personnel affected by the plan is around 90 people in Europe, of which approximately 25 in Finland. Glaston announced in October that it is purposefully continuing measures to improve profitability and that it was considering additional adjustment measures. Through the measures initiated today, Glaston will adjust its cost structure to correspond to current net sales level. The annual cost savings resulting from the adjustment measures are estimated at around EUR 7 million. The measures, when implemented, would give rise to non-recurring costs of around EUR 10 million, which would be recorded in the final quarter of 2010. Through the measures announced today and earlier Glaston will substantially improve its profitability in 2011. Further information: President & CEO Arto Metsänen Tel. +358 10 500 500 Sent by: Glaston Corporation Agneta Selroos Director, Communications and Marketing Tel. +358 10 500 6105 Glaston Corporation Glaston Corporation is an international glass technology company. Glaston is the global market leader in glass processing machines, and a comprehensive One-Stop-Partner supplier to its customers. Its product range and service network are the widest 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 glass industry software. Glaston's share (GLA1V) is quoted on the NASDAQ OMX Helsinki Mid Cap List. Distribution: OMX, main media, www.glaston.net