GLASTON CORPORATION Stock Exchange Release 29 October 2009 at 1:15 p.m.
Glaston to adjust operations in line with market situation
Glaston will today begin negotiations over the restructuring of its operations
to correspond to the market situation. The related plan includes adjustments to
production capacity, the optimisation of the product range and simplification of
the sales organisation. The maximum number of jobs to be reduced is around 400,
of which around 50 in Finland.
“No immediate recovery is in prospect within the glass processing machine
markets. In this situation, we are seeking permanent improvements by
restructuring our business operations without jeopardising our delivery
performance or customer service,” comments Arto Metsänen, President & CEO of
Glaston Corporation.
Upon implementation the above mentioned measures would give additional cost
savings of around EUR 12 million per year, occuring mainly during the first half
of 2010. One-off costs associated with these measures would amount to a maximum
of EUR 10 million, booked in the final quarter of 2009.
Employer-employee negotiations will involve Glaston's entire personnel in all
operations throughout the world. The actual scope of the programme will be
determined as the result of joint negotiations with staff representatives. Any
redundancies will be evaluated and implemented in line with local legislation.
Glaston currently employs around 1,200 staff.
For further information, please contact: Arto Metsänen, President & CEO, tel.
+358 10 500 500
Submitted by:
Glaston Corporation
Agneta Selroos
IR and Corporate 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
www.glaston.net
Distribution: OMX, Main media, www.glaston.net
