Glaston to merge business areas
GLASTON CORPORATION STOCK EXCHANGE RELEASE 22 APRIL 2009 AT 15.30
Glaston to merge business areas
In addition to currenly ongoing development programs Glaston launches structural
actions to increase profitability, especially of the machine business. The
current business areas Pre-processing and Heat Treatment are merged into one new
business area Machines BA, the product portfolio and the manufacturing footprint
rationalized.
As part of the re-structuring of the machine business Glaston will close a
machines manufacturing plant in Cinnaminson, USA. The manufacturing of US
tempering lines will be transferred to Finland and China.
The targeted annual cost savings from the merger and improved productivity are
estimated to be EUR 3.5 million globally. These will be realised in full from
2010 onwards. The merger will generate one-off costs estimated at EUR 3.7
million, recognized mainly in the second quarter of 2009. Possible redundancies
will be analyzed and faced in compliance with local legislation.
The global Machines business area is headed by M.Sc. (Eng.) Topi Saarenhovi
(41), who has been appointed Senior Vice President, Machines, as of 22 April
2009. Topi Saarenhovi joined Glaston in 2007 as Senior Vice President, Heat
Treatment.
In this connection SVP Pre-processing Paolo Ceni has decided to pursue his
career outside Glaston Corporation.
The merger of the business areas changes Glaston's reporting segments. The
second interim report of 2009, to be published on 12 August 2009, will be
prepared in accordance with the new business structure.
For additional information, please call:
Mika Seitovirta, President &CEO, +358 10 500 500
Sender:
Glaston Corporation
Agneta Selroos
IR and Communications Manager
Tel. +358 10 500 6105
Glaston Corporation
Glaston Corporation is a growing, 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 listed on the NASDAQ OMX Helsinki Mid Cap List.