Glaston Corporation Stock Exchange Release 6 June 2023 at 10:00 EET
Glaston Corporation announces a plan to reorganize its current structure to better serve its customers in the architectural, automotive, display and solar glass processing markets. While enhancing the customer experience, Glaston aims to accelerate the implementation of its strategy for the period 2021−2025. Glaston’s strategic financial and non-financial targets are not changed. The new organization is planned to come into effect on 1 October 2023.
In the new structure, Glaston plans to have two Business Areas (BA) that are formed according to its customers’ end-use segments: Architecture and Mobility, Display & Solar.
- The Architecture BA consists of current Heat Treatment Flat Laminating and Flat Tempering technologies and Insulating Glass technologies as three Business Lines
- The Mobility, Display & Solar BA consists of the current Automotive & Display pre-processing technologies and Heat Treatment technologies for the automotive, display and solar glass markets as two Business Lines
The production of Glaston technologies continues in the current locations: Tampere in Finland, Neuhausen in Germany, Bützberg in Switzerland and Tianjin in China.
In addition, new global Business functions Automation & Innovation, and Sourcing & Supply Chain Management (SCM) are planned to be created. Sales and Services will continue as global functions working together with the Business Areas.
The new structure will add focus and resources in accelerating lifecycle revenue growth and dedication in Services offering development within the Business Areas.
The new Business functions Automation & Innovation and Sourcing & Supply Chain Management (SCM) focus on improving scalability and efficiency of Glaston’s business processes as well as speeding up time-to-market of development projects.
The ongoing execution of the strategic Must-wins continues, with more focus on the Group-wide Cornerstone initiatives contributing to Glaston-wide operational excellence.
The planned structural changes are based on Glaston’s strategic growth plan and are not expected to include headcount reductions. The reorganization is a tool to tap into the efficiency potential that is expected to accelerate profitability improvement towards the 10% comparable EBITA margin target by 2025.
Changes in the Executive Management Group
In connection with the planned organizational changes, the following appointments to the Executive Management Group have been made:
Miika Äppelqvist, currently SVP Heat Treatment Technologies, is appointed SVP Architecture. Miika Äppelqvist will relocate to Neuhausen, Germany from Finland.
Robert Prange, currently SVP Automotive & Display Technologies, is appointed SVP Automation & SCM leading the new Business functions Automation & Innovation and Sourcing & Supply Chain Management.
The recruitment of the SVP for the BA Mobility, Display & Solar is currently ongoing.
Glaston and Dietmar Walz, currently SVP Insulating Glass Technologies, have together agreed that Mr Walz will leave the Group to seek new opportunities outside Glaston as of 1 October 2023.
All appointments are effective as of 1 October 2023. As of the same date, Glaston’s Executive Management Group will constitute of:
Anders Dahlblom, President & CEO
Sasu Koivumäki, Chief Sales Officer, Deputy to CEO
Miika Äppelqvist, SVP Architecture
N.N., SVP Mobility, Display & Solar (ongoing recruitment)
Robert Prange, SVP Automation & SCM
Artturi Mäki, SVP Services
Päivi Lindqvist, Chief Financial Officer
Kaisa Latva, General Counsel
Riikka Laitasalo, SVP People and Culture (starting 1 August 2023)
“We have made good progress on our journey toward reaching the 2025 strategic targets. With these changes in our organization, we will accelerate the strategy implementation by adding focus to areas where we expect to reach additional efficiencies in operational excellence. Also, an important aspect is enhancing customer experience. Supported by our new ways of working we will serve customers in architecture, mobility, solar and display glass processing as a unified Glaston. Innovating together with customers continues and moving forward we expect to speed up the time-to-market of innovations. I'm confident that we will be an even stronger team for the second half of our 2021−2025 strategy journey,” says Glaston’s President and CEO Anders Dahlblom.
The Business Areas including the respective Services business will form the company’s reporting segments. Glaston’s financial reporting will be adjusted to reflect the new organizational structure as of the fourth quarter of 2023. Comparable financial figures will be disclosed prior to the publication of the full-year 2023 financial report.
For further information:
Anders Dahlblom, President & CEO, tel. +358 10 500 50
Päivi Lindqvist, CFO, tel. +358 10 500 50
Pia Posio, VP Communications, Marketing and IR, Tel. +358 10 500 5076
Glaston in brief
Glaston is the glass processing industry’s innovative technology leader supplying equipment, services and solutions to the architectural, automotive, solar and display industries. The company also supports the development of new technologies integrating intelligence to glass.
Glaston is committed to providing its clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. Glaston operates globally with manufacturing, services and sales offices in nine countries and its shares (GLA1V) are listed on Nasdaq Helsinki Ltd.
Distribution: NASDAQ Helsinki Ltd, key media, www.glaston.net