Bystronic sale
Glaston Corporation strengthens its position as a leading player in the glass processing technology market.
Strange and not to say surprising decision. Recall that a 2003, Glaston which was called at that time Tamglass had bought the Italian leader of flat glass forming machines Bavelloni and its distribution subsidiary Glasto. This buy-out, which was to build the undisputed leader in this market, ended ten years later with the resale of Bavelloni, which had grown from more than 600 employees to less than 200, with a sharp decline in value due to a lack of success. the merger of the two companies and after a cascade of leaders who will succeed at Glaston.
The resale of the grinding unit which, during the 2003 buyout, was a technological gem with a very strong profitability was made a few weeks ago.
Same with the purchase of Albat and Wirsam and its resale a few years later.
Glaston Corporation has signed an agreement to acquire the Bystronic glass Group. The globally operating high-end machinery, systems and services provider for the processing of flat glass is currently owned by Swiss industrial holding company Conzzeta AG.
Bystronic glass has a comprehensive range of products, highly complementary to Glaston’s, for the Architectural, Automotive and Display markets.
Bystronic glass has a strong brand recognition based on 50+ years of industry expertise and is a market leader with an unrivalled reputation for innovation and quality.
Technology frontrunner Glaston provides glass processing technologies and services for the architectural, solar, appliance and automotive industries globally. It is committed to serve clients with both the best know-how and the latest technologies in glass processing.
Through the combination Glaston will become a significant player in the glass machinery business providing a comprehensive product range offering from tempering, bending and laminating through insulating glass manufacturing and glass handling to automotive and display glass pre-processing as well as services. As a result of this transformational acquisition, Glaston will have a unique and value adding offering benefitting its customers.
Arto Metsänen, President & CEO of Glaston, comments: “I am very pleased to welcome Bystronic glass’s highly professional team to Glaston. We have followed the company for years and we are very impressed by the quality of its products and its transformation when it comes to both operational and financial performance. Together we will become a leading player in the glass processing technology market for the benefit of our customers. With our combined capabilities and expertise, we will be able to offer customers equipment, services and solutions from one supplier optimizing customer operations and driving customer value.”
Dr. Burghard Schneider, CEO of Bystronic glass, adds: “We are proud of our employees for delivering significant improvements over recent years. The transaction will open a new chapter to the benefit of all stakeholders. With an enhanced systems-thinking and strengthened R&D capabilities we will shape the industry trends towards energy efficient solutions and digital integration, jointly with our new colleagues from Glaston. Together we can serve our broad, global client base even better and we remain committed to deliver flat glass processing at its best in terms of productivity, quality and cost.”
The closing of the transaction is expected by the end of the first quarter 2019, subject to regulatory approval. Glaston has secured committed debt and equity financing, subject to customary conditions and support of an extraordinary general meeting, respectively. Until the closing of the transaction, Bystronic glass and Glaston will continue to operate as two independent companies and the legal structure will remain unchanged.
