HELSINKI, Finland, Jan. 20, 2003 (PRIMEZONE) -- The purchase by Kyro Corporation of all the shares of Z. Bavelloni Immobiliare S.p.A. and all the shares of Glasto Holding B.V has been finalized according to the agreement of December 12, 2002.
The first one of the two instalments of the acquisition price has been paid as of this date and all the shares of the companies have been transferred to the ownership of Kyro Corporation. Figures for Z. Bavelloni and Glasto will be consolidated in the Kyro Group's glass and stone processing technology business as of 1/01/2003.
The acquisitions are a very important step in Kyro's growth strategy. With these acquisitions Kyro's glass technology group develops from being the market leader in safety glass machines to becoming the leading equipment supplier for the whole glass processing industry and expands the group's business also to stone processing machinery and tools.
The acquisitions create a close cooperation between Z. Bavelloni Group, Glasto Group, and Tamglass Group, as all the companies are now fully owned subsidiaries of Kyro Corporation. The sales and service networks of the companies form the most extensive service network in the glass processing machinery industry.