KYRO MERGES OPERATIONS OF TAMGLASS INSULATING GLASS LTD. AND TAMGLASS SAFETY GLASS LTD.
Kyro Corporation STOCK EXCHANGE RELEASE 31 May 2006 at 2.15 p.m.
KYRO MERGES OPERATIONS OF TAMGLASS INSULATING GLASS LTD. AND TAMGLASS SAFETY GLASS LTD. During the summer, Kyro Corporation will merge the operations of Tamglass Insulating Glass Ltd. and Tamglass Safety Glass Ltd., which are part of Kyros main business area Glaston Technologies. In this way the Glass Processing Group responds to the changed competitive situation, safeguards its good market position and aims to increase its market share, volumes and net sales. Behind the arrangement is the need to boost both companies production by reducing fixed costs and improving the productivity of personnel, production units and machinery. Tamglass Safety Glass and Tamglass Insulating Glass share synergies, which will materialise through the merger of production and administration. Tamglass Safety Glass and Tamglass Insulating Glass will begin statutory employer-employee negotiations on the merger of their operations on 5 June 2006. The negotiations will last around one week and will involve the administrative staff of both companies. As the negotiations begin, the need for reductions is estimated to be 5-7 people out of 25 administrative staff. The negotiations do not affect the companies production staff of some 130 employees. The Glass Processing Group employs a total of some 180 people. The third company of the Group, Tamglass Finton, is also in the process of restructuring its operations. The Glass Processing Groups product range is the widest in Finland. It includes tempered and laminated safety glass e.g. for door and window elements or vehicles, façade systems and glazing, insulating glass elements and glasses as well as balcony systems and glazing. The Groups clientele consists of the building, automotive and furniture and appliance industries in Finland and neighbouring areas. The Glass Processing Group uses the machine technology of Glaston Technologies, the global market leader in glass processing machines, which guarantees its clients high quality and versatile solutions. The Glass Processing Group also has an important strategic role in the product development of Glaston Technologies machine technology. In Helsinki on 31 May 2006 Kyro Corporation Pentti Yliheljo President & CEO Further information: Glaston Technologies, Glass Processing Group, Managing Director Claus Carlsen, tel. +358 40 728 8191 / claus.carlsen@tamglass.com or Kyro Corporation, IR & Communications Manager Emmi Watkins, tel. +358 400 903 260 / emmi.watkins@kyro.fi Kyro Corporation is a financially solid and growing international technology group. The Glass Machinery Group, part of the main business area Glaston Technologies, is the global market leader in glass processing machines. Glaston Technologies Glass Processing Group is the leading supplier of comprehensive architectural glass solutions in Finland and neighbouring areas. The Groups Energy business consists of the environmentally friendly, local energy producer Kyro Power. www.kyro.fi Distribution: Helsinki Stock Exchange, main media