Glaston acquires Bystronic Glass
Glaston Corporation is set to acquire the Bystronic Glass Group, in a bid to become a significant player in the glass machinery business providing a comprehensive product range from tempering, bending and laminating through insulating glass manufacturing and glass handling, to automotive and display glass pre-processing, as well as services.
Arto Metsänen, president and CEO of Glaston, said: “We have followed [Bystronic Glass] 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 optimising customer operations and driving customer value.”
Dr. Burghard Schneider, CEO of Bystronic Glass, said: “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 delivering 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.