Glaston Corporation Stock Exchange Release 30 March 2009 at 14.00 p.m.
Glaston sells major part of its Glass Processing Unit
Glaston Corporation's subsidiary Tamglass Glass Processing Ltd. sells its
insulated and architectural glass processing operations to INTERPANE Glass Oy.
The transaction is an asset deal and it is financed mainly through vendor
financing given by Glaston. Glaston also invests in the equity of INTERPANE
Glass Oy. The agreement was signed today and INTERPANE Glass Oy begins its
operations on 1st April, 2009. The transaction will not have any material effect
on Glaston's first quarter result.
The divested operations had net sales of approximately EUR 14 million in 2008
and currently have 93 employees. Glaston continues its production of solar
reflectors in Akaa employing approximately 30 persons.
INTERPANE Glass Oy is a company owned jointly by Georg F. Hesselbach through his
company A A A Glass & Design Finland Oy, and a subsidiary of Glaston
Corporation. The shareholders of INTERPANE Glass Oy have today entered into a
shareholders' agreement which incorporates put and call options enabling the
shareholders to rearrange their ownership shares in the company in the future.
Mr. Hesselbach shall assume the management responsibility of INTERPANE Glass Oy.
Mr. Hesselbach is the founder of INTERPANE Glas Industrie AG, which is one of
Europe's major flat glass processors with eleven production facilities
throughout Europe and net sales of EUR 280 million.
Mr Hesselbach says:”INTERPANE wants to serve their existing customers in Finland
as well as the new joint venture with Glaston with its well known multifunction
insulating glasses for sun and heat control, suitable for energy saving all
around the year “.
Glaston President&CEO Mika Seitovirta continues:”This move is in line with our
stated strategy and this enables us to better utilize our management resources
in core business as management responsibility is transferred to an experienced
glass industry entrepreneur“.
Tamglass Glass Processing Ltd.'s Managing Director Timo Rautarinta continues is
his current position in addition to his new responsibility as Managing Director
of INTERPANE Glass Oy.
Further information:
Glaston Corporation:
President & CEO Mika Seitovirta
Tel. +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 own glass processing unit, Tamglass Glass Processing, is a local
Finnish manufacturer of high quality safety glass products.
Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Mid Cap List.
www.glaston.net
