Glaston buys Bystronic
29th January 2019
Helsinki-based Glaston Corporation has agreed to acquire Bystronic Glass, the Swiss-owned flat glass machinery, systems and services provider for enterprise value of EUR68million.
Glaston, which supplies the architectural, solar, appliance and automotive industries, says the combination will be ‘a significant player in the glass machinery business providing a comprehensive product range offering from tempering, bending and laminating through insulating glass manufacturing and glass handling to automotive and display glass pre-processing as well as services’.
Glaston President & CEO Arto Metsänen said: “We have followed the company 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 optimizing customer operations and driving customer value.”
Bystronic CEO Dr Burghard Schneider added: “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.”
The closing of the transaction with Bystronic owners Conzzeta Group 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, respectively. Until the closing of the transaction, Bystronic glass and Glaston will continue to operate as two independent companies and the legal structure will remain unchanged.