Joint venture INTERPANE Glass Oy sold to Rakla
GLASTON CORPORATION Stock Exchange Release 9 April 2010 at 14.00 Joint venture INTERPANE Glass Oy sold to Rakla
Glaston's joint venture, the glass processing company INTERPANE Glass Oy, has today been sold to Rakla Finland Oy. INTERPANE Glass Oy began its operations on 1st April 2009 and was owned jointly by A A A Glass & Design Finland Oy and a subsidiary of Glaston Corporation. The shareholders of INTERPANE Glass have agreed on rearranging their ownership, and as a result of the agreement 100% of the shares in INTERPANE Glass Oy were sold to Rakla Finland Oy. After the rearrangement transaction, Glaston still holds a EUR 4 million secured loan receivable in INTERPANE Glass Oy. The result effect of the rearrangement transaction, approximately EUR -2.7 million, is recognized in Glaston's first quarter result as a financial expense thus the rearrangement transaction has no effect on Glaston's operating result. Arto Metsänen, CEO & President of Glaston Corporation says: “Rakla Finland Oy has a strong knowledge of glass processing. INTERPANE Glass Oy is sold to a glass processing professional with a positive outlook for its future operations.” Rakla Finland Oy, founded in 1991, is a significant player in the construction glass sector. “The technological expertise brought by the completed acquisition will strengthen Rakla's chosen line as an expert of innovative and technically challenging glass solutions. The acquisition will facilitate better customer service in Finland and also in Russia and the Baltic countries,” says Rakla Finland Oy's Chairman of the Board Antti Luukko. For further information, please contact: Arto Metsänen, President and CEO, Glaston Corporation, Phone +358 10 500 500 Heikki Silfver, Managing Director, Rakla Oy, Phone +358 9 350 9550 and www.rakla.fi Sender: Glaston Corporation Agneta Selroos IR and Corporate Communications Manager 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 listed on the NASDAQ OMX Helsinki Mid Cap List. Distribution: OMX, media, www.glaston.net