Glaston Corporation      Press release   13 September 2023 at 13:00

Glaston communicated in its half-year financial report on 1 August 2023, that during 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 was expected to be softer in Europe and China during the rest of the year, while demand prospects are better in the Americas. The Heat Treatment segment’s order intake, including machine orders and upgrade products, was lower than the previous year in the early part of this year. Despite the softer markets, demand continues to be supported by the strong megatrends driving interest in energy-efficient glass solutions, especially for insulating glass solutions.

Glaston is planning to adapt its operations to reflect the prevailing market situation. Therefore Glaston will initiate co-operation negotiations concerning all operations in Finland in order to deal with the planned adjustment measures.

The planned reorganization of operations concerns possible terminations of employment contracts and temporary lay-offs if the development of the market situation so requires. Glaston estimates that the negotiations could lead to the termination of less than 10 employment contracts. The scope of the negotiations includes the entire personnel in Finland. At the end of June 2023, Glaston Group employed a total of 817 people, of which approximately 220 in Finland. Most of the personnel in Finland belong to the Heat Treatment segment.

For further information:

Päivi Lindqvist, CFO, tel. +358 10 500 500
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.