Glaston Corporation Other information disclosed according to the rules of the Exchange 15.12.2020 at 12.30
Glaston Corporation’s cooperation (YT) negotiations concerning possible temporary lay-offs and termination of employment relationships in companies in Finland were completed today. As a result of the negotiations, the company will terminate a maximum of six (6) employment relationships. The impact on personnel is lower than estimated; at the start of the negotiations, the reduction requirement was estimated at 20 employment relationships. In addition, the negotiations have identified the need for temporary lay-offs in the period January–June 2021.
The temporary lay-offs are planned to be implemented on a function basis, taking into account workload in the first quarter. Thereafter, the need for lay-offs will be reviewed on a monthly basis.
Short-time work in Glaston’s Automotive business in Switzerland, introduced in autumn 2019, will continue until further notice, and measures in other units will be implemented according to the level of demand.
The above measures will yield estimated cost-savings of approximately EUR 1.2 million, of which permanent savings will amount to approximately EUR 0.9 million. Underlying the consolidation measures is weak demand in the Heat Treatment and Automotive & ET segments during 2020.
Glaston Corporation
For more information:
Acting President & CEO Sasu Koivumäki, tel. + 358 40 558 7530
CFO Päivi Lindqvist, tel. +358 40 708 5351
Glaston in brief
Glaston is the glass processing industry’s innovative technology leader, supplying equipment, services and solutions for the needs of the architectural, automotive, solar and appliance industries. The company also supports the development of emerging technologies integrating intelligence into glass.
Since April 2019, Bystronic glass has been part of Glaston. Together, we are committed to providing our customers 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. We operate globally with manufacturing, services and sales offices in 11 countries. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd.
Distribution: NASDAQ Helsinki Ltd, key media, www.glaston.net