Glaston to adjust its operations

Glaston Corporation          Stock Exchange Release 13 November 2012, at 12.30

Glaston to adjust its operations
To improve its profitability Glaston will begin negotiations over the restructuring of its operations to correspond to the new structure and prevailing market situation. Employer-employee negotiations will involve Glaston's entire personnel in all operations throughout the world with focus on Finland and Brazil.

According to a preliminary estimate, a reduction in personnel of at most 60 employees will be required of of which around 30 in Finland. In Finland, in addition to redundancies, negotiations will be conducted on possible temporary layoffs in 2013 affecting all personnel groups. The planned measures may also result in changes to employment terms, working tasks and organisational structure. The effects of the plan on personnel will be decided in the consultations.

Upon implementation the above mentioned measures would give additional cost savings of around EUR 5 million per year, occuring in full by the end of year 2013. One-off costs associated with these measures would amount to a maximum of EUR 1.8 million, booked in the final quarter of 2012. The final level of the programme will be determined in negotiations with personnel representatives.

On 30 September 2012, Glaston’s Continuing Operations had a total of 624 employees, of whom 150 worked in Finland.

Further information: President & CEO Arto Metsänen, tel. +358 10 500 500    

GLASTON CORPORATION
Agneta Selroos
Director, Communications and Marketing

Glaston Corporation
Glaston is a global company developing glass processing technology for architectural, solar, appliance and automotive applications. Our portfolio ranges from pre-processing and safety glass machines to software solutions and services. We are dedicated to our customers’ continued success and provide services for all glass processing needs with a lifecycle-long commitment in mind. For more information, please visit www.glaston.net. Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.

 

Distribution: NASDAQ OMX, media, www.glaston.net