Glaston Corporation has signed an agreement to acquire Bystronic Maschinen AG and Bystronic Lenhardt GmbH and their subsidiaries (“Bystronic glass”) for an enterprise value of EUR 68 million.
Glaston is a frontrunner in glass processing technologies and services and responds globally to the most demanding glass processing needs of the architectural, solar, appliance and automotive industries. Glaston’s net sales in 2017 were some 110 meur and comparable EBIT 5 meur. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd.
Bystronic glass is a Swiss-German based, globally operating high-end machinery, systems, and services provider for the processing of flat glass. The group of companies serves the architectural, automotive and display markets with its state of the art products and services. In 2017, Bystronic glass’s net sales amounted to CHF 119.3 million (EUR 107.3). Comparable EBIT amounted to CHF 6.3 million (EUR 5.7 million) (5.3% of net sales) in 2017. Bystronic glass employed 423 FTEs at the end of the same period.
The acquisition supports Glaston’s ambition to further strengthen its position in the glass processing value chain, adding offering in insulation for the architectural market as well as pre-processing for the automotive and display market. As a result of this transformational acquisition, Glaston will have a unique and value adding offering benefitting its customers. The acquisition will provide strong opportunities for cross-selling of new equipment and providing services from one supplier and co-develop integrated lines. Bystronic Glass also supports Glaston’s ambitions in Emerging technologies. As a result of the acquisition, Glaston Corporation’s size will increase significantly, and it will provide a platform for further growth and consolidation. Together Glaston Corporation and Bystronic glass generated illustrative combined net sales of EUR 217 million in 2017. The acquisition is expected to be earnings enhancing.
Closing of the acquisition is targeted by the end of the first quarter of 2019, subject to regulatory approvals, as well as certain other customary conditions.
For further information regarding the transaction contact:
+358 40 1977 565