Headline
Strategy and medium-term (3-5 years) strategic targets
Glaston sets medium-term strategic targets
Glaston’s Board of Directors has approved adjusted net sales and comparable return on capital employed (ROCE) targets and an extended target period for the strategic targets.
Since the previous strategy update in August 2021, there have been significant changes in the global economy and Glaston’s addressable markets started to soften in 2023. Due to these changes, the time for reaching the strategic targets has been modified to reflect the current expectations. Glaston has adjusted the timeframe for achieving the strategic targets from 2025 to the medium-term (3−5 years) except for the emissions reduction targets with a timeframe up to 2032.
Glaston has also slightly updated the net sales target and expects the annual average growth to exceed the addressable equipment markets’ growth. The updated target for comparable return on capital employed (ROCE) is above 16%. The target for the comparable operating margin (EBITA) of 10% remains unchanged.
Glaston estimates that in 2024, the Architectural markets declined in EMEA and China, while the rest of APAC and Americas performed slightly better. The mobility market grew strongly in China and declined elsewhere.
Glaston’s medium-term (3-5 years) strategic targets:
- Annual average net sales growth (CAGR) exceeding the addressable equipment markets growth
- Comparable operating margin (EBITA) of 10%
- Comparable return on capital employed (ROCE) of above 16%
- Customer satisfaction score (Net Promoter Score, NPS) above 40.
- Group-wide zero lost time accidents target, progress measured by lost time accidents per million working hours (LTIFR)
- Employee Engagement target above 75 (out of 100)
- GHG emissions reduction targets:
- Reduce absolute scope 1 and 2 GHG emissions by 50.4% by 2032, compared to the 2022 base year (1,491 tCO2e)
- Reduce the scope 3 GHG emissions by 58.1% per square meter of sold machine processing capacity by FY2032 (emission intensity). Base year 2022: 0.00043 tCO2/m2
President & CEO's Review
CEO Toni Laaksonen in the Financial Statements Bulletin 2024, published on February 24, 2025:
“Throughout 2024, the market environment was challenging. The Architectural market remained soft, and EMEA was particularly affected by the weaker market environment. The Mobility market, in China mainly, developed well, supported by their transition to electric vehicles. The lower construction activity in several regions was reflected in both the order intake and the net sales development. Despite the cautious markets, the steady development in comparable EBITA continued as we started to benefit from the structural cost-saving actions taken earlier in the year.
The fourth-quarter order intake was down 8% to EUR 53.1 million due to weaker order intake in both the Architectural and Mobility, Display & Solar segments, while Service’s order intake was on the same level as in the comparison period. The full-year order intake was also down 8% due to the soft Architectural market.
Net sales for the fourth quarter and the full year decreased. Net sales in the fourth quarter totaled EUR 56.8 (59.7) million, with the Insulating Glass Technologies product area exceeding last year’s levels. For the full year, EUR 217.9 (219.7) million was recorded. Insulating glass and mobility technologies showed positive growth figures.
Comparable fourth-quarter EBITA was slightly behind the comparison period and was EUR 4.2 million (7.5% margin). Full-year comparable EBITA improved and was EUR 15.3 (14.9) million supported by the gradual turnaround in Mobility, Display and Solar.
To further accelerate strategy execution, we announced a plan for organizational changes in October. The planned changes are now completed, and the year has started under the new organization. Glaston has three Business Functions in the new structure: Market Areas, Solutions & Operations, and Service Supply & Development. With this reorganization, we want to strengthen our resources in the customer interface and increase our investments in service capabilities.
To accelerate profitability development and reach additional operational efficiencies, the optimization of our global operations and supply chain continues. In line with this, the transfer of all pre-processing equipment production from Switzerland to our factory in Tianjin, China, progressed in the final quarter. The transfer is estimated to be completed during the summer period 2025. However, we continue to have sales and service functions in Switzerland to maintain the customer interface and provide service to our customers. In addition to operational efficiencies, we can already see that our strategy to concentrate all Mobility pre-processing production to China has benefitted us in getting more orders locally.
Employee engagement and safety at work are among our mid-term strategic targets. In 2024, our employee engagement improved to 76 from 70 in the previous year and the set target, 75 out of 100, was met. Our group-wide safety target is zero accidents. In 2024, our performance improved slightly and our accident frequency rate LTIFR was 5.7 (6.3). The direction is right, but the numbers show that we need to continue our systematic safety work.
Promoting sustainable development is integral to our business strategy as our technologies enable more energy-efficient and safe glass products. In line with the EU taxonomy, Glaston’s enabling activities that substantially contribute to climate change mitigation had a 46.4 (45.4)% share of total net sales in 2024. These taxonomy aligned activities mainly consist of Insulating Glass Technologies and related services.
2024 was another busy year for the company and I want to thank the Glaston team for their contribution throughout the year. I also want to thank our customers, shareholders and other stakeholders for their continuous trust and support.
In 2025, we do not expect a major turnaround in the Architectural market. In the Mobility market, we expect the positive development to continue driven by China. Innovations for improved process efficiency and sustainability, such as new energy-efficient solutions or the light-weight thin triple insulating glass processing lines, are of interest to our customers and provide growth opportunities even in the current market situation. On this basis, we expect net sales to remain at the same level and comparable EBITA to stay at the same level or increase slightly in 2025 compared to 2024.”
Guidance
In 2025, the glass processing equipment markets are expected to remain soft. The architectural market does not show signs of significant recovery for this year. For mobility glass processing equipment, the market activity in China is expected to remain good with high volatility in the short-term. Amid global economic uncertainty and continued geopolitical tensions, high uncertainty exists concerning customers’ decision-making.
Given the cautious market environment, the company’s growth opportunities arise from new product innovations, services, and upgrade products. Implemented and on-going structural cost-saving actions support profitability. Glaston Corporation estimates that its net sales will remain at the same level and comparable EBITA will stay at the same level or increase slightly in 2025 from the levels reported for 2024. In 2024, Group net sales totaled EUR 217.9 million and comparable EBITA was EUR 15.3 million.
Glaston’s outlook 2024
(published in the January-September interim report on 30.10.2024)
The cautious development in the architectural glass processing equipment market continued in the third quarter and the market is expected to remain soft during the rest of the year. For mobility glass processing equipment, the market in China has been in a growth mode but is expected to be volatile. Amid global economic uncertainty and continued geopolitical tensions, higher-than-normal uncertainty exists concerning customers’ decision-making.
Glaston Corporation estimates that its net sales will stay at the same level as in 2023. Comparable EBITA is estimated to amount to EUR 14.5−16.0 million. The net sales growth is curbed by the delayed market recovery whereas the on-going structural cost-saving actions support profitability. In 2023, Group net sales totaled EUR 219.7 million and comparable EBITA was EUR 14.9 million.
GLASTON SPECIFIES OUTLOOK FOR 2024
(published on August 9, 2024 in the half-year 2024 financial report)
In the second quarter of the year, the cautious development in the architectural glass processing equipment markets continued. The earlier expected market recovery has been delayed and the markets are now anticipated to recover towards the end of 2024 at the earliest. For mobility glass processing equipment, the market in China is expected to grow with increased short-term volatility. Amid global economic uncertainty and continued geopolitical tensions, higher-than-normal uncertainty exists concerning customers’ decision-making.
Glaston Corporation specifies its outlook and estimates that its net sales will stay at the same level as in 2023. Comparable EBITA is estimated to amount to EUR 14.5−16.0 million. The net sales growth is curbed by the delayed market recovery whereas the planned structural cost-saving actions support profitability. In 2023, Group net sales totaled EUR 219.7 million and comparable EBITA was EUR 14.9 million.
(Previous outlook: Glaston Corporation estimates that its net sales and comparable EBITA will stay at the same level or increase slightly in 2024 from the levels reported for 2023.)
GLASTON’S OUTLOOK FOR 2024 REMAINS UNCHANGED
Published on May 3, 2024 in the Q1 2024 interim report
The cautious development in the architectural glass processing equipment markets continued in the first quarter of the year. Despite the slow start, Glaston expects the architectural glass processing equipment markets to start recovering at some point in 2024. For mobility glass processing equipment, the positive development in China is expected to continue. Amid global economic uncertainty and increased geopolitical tensions, higher-than-normal uncertainty exists concerning customers’ decision-making.
Glaston started the year with a lower order backlog than the previous year. However, given the expected slowly improving market activity during the year, Glaston Corporation estimates that its net sales and comparable EBITA will stay at the same level or increase slightly in 2024 from the levels reported for 2023. In 2023, Group net sales totaled EUR 219.7 million and comparable EBITA was EUR 14.9 million.
GLASTON’S OUTLOOK FOR 2024
Published in the Financial Statements bulletin on February 15, 2024
Amid early signs of increasing market activity, Glaston expects the architectural glass processing equipment markets to start recovering slowly at some point in 2024. In Europe, demand is expected to remain at the current level with the recovery taking place towards the end of the year. In the Americas, the current demand level is expected to continue. In China, demand in the Architectural market is expected to remain at a reasonable level. In the mobility glass processing equipment market, the cautiously positive development is expected to continue driven by China. With global economic uncertainty and geopolitical tensions continuing, higher-than-normal uncertainty exists in relation to customers’ decision-making.
Glaston starts the year with a lower order backlog than the previous year. However, given the expected improving market activity during the year, Glaston Corporation estimates that its net sales and comparable EBITA will stay at the same level or increase slightly in 2024 from the levels reported for 2023. In 2023, Group net sales totaled EUR 219.7 million and comparable EBITA was EUR 14.9 million.
Net sales estimate specified, comparable EBITA estimate unchanged
(published in the Q3 2023 interim report on October 26, 2023)
In the third quarter of 2023, the increasing market uncertainty and more cautious customer behavior continued. The activity in the architectural market further decreased, and the environment of softer demand is expected to continue in Europe and China also in the final quarter of the year. In the Americas, the demand prospects are better. Despite the softening of the markets, demand continues to be supported by the need to modernize existing equipment and the strong megatrends driving interest in energy-efficient glass solutions.
Throughout 2023, Glaston has focused on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. With ongoing geopolitical tensions and increasing uncertainty in the global business environment, a higher-than-normal level of unpredictability is related to customers’ investment decisions.
Due to the prevailing uncertainties, Glaston Corporation specifies its net sales estimate and expects net sales in 2023 to grow marginally or to be on the same level as reported for 2022. Glaston continues to estimate that comparable EBITA will increase to EUR 13.7−15.7 million. In 2022, the Group’s full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.
GLASTON SPECIFIES OUTLOOK FOR 2023
published in the H1 2023 report on 1 August 2023
In the first half of 2023, signs of increasing market uncertainty and more cautious customer behavior were visible. Due to the slowdown in the architectural market, the demand environment is expected to be softer in Europe and China during the rest of the year, while demand prospects are better in the Americas. Despite the softening of the markets, demand continues to be supported by the strong megatrends driving interest in energy-efficient glass solutions.
In 2023, Glaston has continued to focus on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. With ongoing geopolitical tensions and increasing uncertainty in the global business environment, a higher-than-normal level of unpredictability is related to customers’ investment decisions.
Glaston’s net sales and profitability development in 2023 continue to be supported by a healthy order backlog.
Despite the prevailing uncertainties, Glaston Corporation estimates that its net sales will increase in 2023 from the levels reported for 2022 and specifies its outlook for comparable EBITA, which is estimated to increase to EUR 13.7−15.7 million. In 2022, the Group’s full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.
(Previous outlook: Glaston Corporation estimates that its net sales and comparable EBITA will improve in 2023 from the levels reported for 2022.)
GLASTON’S OUTLOOK FOR 2023 REMAINS UNCHANGED
published in the Q1/2023 interim report on 26 April 2023
In 2023, Glaston expects the markets to remain active despite some regional differences. The strong megatrends driving the demand for energy-efficient glass solutions continue to support Glaston’s markets. Europe could however be particularly affected by the slowdown in the architectural market. In the Americas, Glaston expects the demand to continue strong, whereas, in China, the prospects of the architectural market remain uncertain.
In 2023, Glaston continues to focus on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. Amid geopolitical tensions and increasing uncertainty in the global business environment, the higher-than-normal level of unpredictability is related to customers’ investment decisions.
Glaston entered 2023 with an order backlog 46 % higher than in the previous year, which supports the company’s net sales and profitability development. The Automotive production ramp-up in China continues to have a negative impact on profitability in the second quarter of 2023. Glaston Corporation estimates that its net sales and comparable EBITA will improve in 2023 from the levels reported for 2022. In 2022, Group full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.
GLASTON’S OUTLOOK FOR 2023
as published in the Financial Statements bulletin on 9 February 2023
In 2023, Glaston expects the overall market activity to remain at a good level despite some regional differences. Although the megatrends support the use of energy-efficient windows, demand in Europe could be affected by the slowdown in the architectural market. In the Americas, Glaston expects the demand to continue strong, whereas in China, the prospects of the architectural market are uncertain.
In 2023, Glaston continues to focus on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. As supply chain disturbances and geopolitical tensions continue, a higher-than-normal uncertainty is related to the development of economic activity and customers’ investments.
Glaston entered 2023 with an order backlog 46% higher than in the previous year. This provides a strong starting point for 2023 and supports the company’s net sales and profitability development. Glaston Corporation estimates that its net sales and comparable EBITA will improve in 2023 from the levels reported for 2022. As is typical, Glaston expects the first quarter of 2023 to be the weakest of the year, additionally impacted by low upgrade net sales and a higher share of new products. In 2022, Group full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.
Business Operations
Glaston Corporation develops, manufactures, sells and services glass processing machines, equipment, upgrades and technology to glass processors in the architectural, solar and mobility industries.
Glaston’s operations are divided into three Business Functions: Market Areas, Solutions & Operations and Service Supply & Development.
Market Areas
Market Areas are the main customer interface in the Americas, EMEA and APAC. Market Areas will cover in close collaboration with the Business Lines machine and services sales, as well as manage regional service operations.
Solutions & Operations
Solutions & Operations is responsible for all Business Line-related machine and service product portfolios. The Business Function has three Business Lines: Tempering & Laminating, Insulating Glass and Mobility.
Glaston offers a wide and technically advanced range of glass heat treatment machinery, services, upgrades and modernizations as well as spare parts for flat tempering, and laminating lines.
Glaston is the most known tempering line manufacturer in the market. We differentiate ourselves in the market through industry-leading know-how to provide our customers with the most innovative technology.
Energy efficiency and the need to improve the energy performance of buildings is gaining more importance in the market and drives the demand for insulating glass.
In insulating glass technologies, Glaston offers tailor-made and flexible solutions to meet the most demanding customer needs. We have a more than 25 years experience as a leader in «warm edge» technology and inventor of the TPS® spacer system.
For the Mobility market, Glaston offers pre-processing and heat treatment technologies and these enable cutting and grinding the glass into the correct shape, to bend, temper or bend-temper the glass into its final form used in different applications.
In the mobility industry, the use of glass is increasing in the exterior and the interior and new functionalities and glass types like thin glass increase processing complexity and quality requirements.
More information about our products is available in the Offering section.
Service Supply & Development
Service Supply & Development focuses on global spare parts-related operations and development, including global warehouses and supply chains as well as global service development.
Research and Development
Glaston is a frontrunner in its field, and known in the glass industry for its technology leadership and high quality. Our position is particularly strong in developing technologically demanding products. Glaston carries out product development in close cooperation with its customers and partners, such as research institutes, universities and other higher education institutions.
The most advanced glass processing machines developed by Glaston have risen to the status of standards in many countries. We hold patents for all of our key solutions.
The main themes of our product development are projects and innovations related to glass processing and robotics that facilitate the transition towards fully automated glass processing.
One of our latest innovations is the tempering process Autopilot, which is based on the same solutions that are used in autonomous passenger cars. Autopilot presages a huge change for the entire glass processing industry, as it minimizes the need for machine operator input and offers process control without parameters.
In 2024, development of new features for existing machines to enable the production of new products and to increase productivity, continued. Also, the development of new retrofit solutions for improved performance for existing machines continued.
Features for online quality monitoring during the production process were also one of the key focus areas in product development.
In 2024, research and product development expenditure amounted to 4.7 (4.2)% of net sales.
More information about our major technology innovations here.
Why invest in Glaston
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Strong market position and offering with global megatrends supporting development
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Industry frontrunner with leading glass processing technologies and lifecycle services
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Comprehensive services offering supporting profitability and bringing stability to the cyclical equipment business
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Sustainable business with products enabling energy efficiency and safety
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Strategy for medium-term (3-5 years) with solid profitability progress
Mergers and Acquisitions
| Time | Company/Industry | Event | Description |
| 1981 | Tamglass Oy | Acquisition | Kyro acquires the entire share stock of Tamglass Oy, founded in 1970. Exports already account for 93 % of Tamglass’ net sales of FIM 54.7 million and the company has 148 employees. Kyro becomes a diversified company. |
| 1985 | Tecnomen | Acquisition | Kyro expands its electronics business by acquiring Tecnomen, which supplies Tamglass with automation and control systems. The company also operates in the field of telecommunications. |
| 1986 | Glaston forest holdings and local electricity network | Divestment | The company sells its forest holdings to Suomi-Salama and its local electricity distribution network to Oy Nokia Ab. |
| 1995 | Glaston’s forest industry business | Divestment | Kyro sells its forest industry business to Metsä-Serla Oy, amid a major restructuring of the entire sector. |
| 1996 | Cattin Machines | Acquisition | Cattin Machines, a Swiss manufacturer of safety glass machines, is acquired for the Tamglass Group. |
| 2002 | Finton Oy | Acquisition | The Tamglass Group’s glass processing business is supplemented by the balcony glazing manufacturer Finton Oy from Lahti Finland. |
| 2002 | Uniglass Oy | Acquisition | The Tamglass Group’s machine business is supplemented by the flat tempering machine manufacturer Uniglass Oy from Tampere Finland. |
| 2003 | Z. Bavelloni Immobiliare S.p.A. and Glasto Holding B.V. as well as Suomen Lämpölasi Oy | Acquisition | Kyro acquires Italian Z. Bavelloni Immobiliare S.p.A’s and Dutch Glasto Holding B.V’s all share as well as a majority shareholding in Suomen Lämpölasi Oy. Glaston Technologies, consisting of Tamglass and Bavelloni, becomes the world’s largest comprehensive supplier of glass processing machines, and its glass processing product range becomes the biggest in Finland. |
| 2005 | Glaston’s hydropower and district heat distribution businesses | Divestment | At the end of the year, the Group sells its hydropower and district heat distribution businesses. |
| 2007 | Glaston’s Energy Business | Divestment | Kyro sells its energy business area to M-real Oyj. |
| 2007 | A+W Software AG Group | Acquisition | Glaston acquires the German A+W Software Group in July 2007, after which the Business Area, Software Solutions, is formed. |
| 2009 | Tamglass Glass’s insulated and architectural glass processing operations | Divestment | Glaston Corporation’s subsidiary Tamglass Glass Processing Ltd. sells its insulated and architectural glass processing operations to INTERPANE Glass Oy. |
| 2010 | Glass processing operations | Divestment | Glaston’s joint venture, the glass processing company INTERPANE Glass Oy, is sold to Rakla Finland Oy. |
| 2013 | A+W Software GmbH | Divestment | Glaston sells A+W Software to Constellation Software Inc. acting through its Friedman Operating Group. |
| 2014 | Glassrobots | Acquisition | Glaston acquires the industrial property rights to all Glassrobots products. |
| 2015 | Pre-processing machines business | Divestment | Glaston sells 100% of the shares of Glaston Italy S.p.A. to the local management of Glaston Italy S.p.A. |
| 2017 | Pre-processing machines business in USA and Canada | Divestment | Glaston continues as a reseller of Bavelloni’s Pre-Processing machines in Mexico, Brazil and Singapore. |
| 2018 | Tools business | Divestment | Glaston sells its Tools business to Italian Bavelloni S.p.A. The sale is carried out through a share deal of Glaston Tools S.r.l in Italy. |
| 2019 | Bystronic glass | Acquisition | Glaston acquires Bystronic Maschinen AG and Bystronic Lenhardt GmbH and their subsidiaries (“Bystronic glass”) from Conzzeta Group |