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Tampere, Finland, Jan 14, 2008 - (Hugin via ABN Newswire) - GLASTON CORPORATION Stock Exchange Release 14th January 2008, 1p.m.
Glaston's Strategy and Financial Objectives Published
Glaston's Board of Directors has decided on the corporation's strategy and financial objectives.
Glaston operates in growing markets, and its greatest growth potential lies in architectural glass, with an annual growth rate estimated at 6 to 8 per cent. The company is therefore investing heavily in this sector, in which it already has a strong market position and know how. Correspondingly, Glaston's One-Stop-Partner concept is a strategic strength which differentiates Glaston from its competitors. Profitable growth is in architectural. In appliance and automotive focus is on margin and cash flow. Investments in Service Solutions (after sales) increase.
In its new strategy, Glaston has decided that Tamglass Glass Processing is not core business. Tamglass Glass Processing's focus is on implementing its current restructuring programme. The future strategic options for Tamglass Glass Processing are under review within Glaston.
Construction is growing worldwide with regional variations. Asia, Eastern Europe and the Middle East are enjoying the most rapid growth, and Asia, particularly China, has a special priority in Glaston's strategy.
Based on its strategy, Glaston's financial objectives cover the period up to 2010. These objectives are as follows:
* Growth in net sales of over 8 per cent * Profit margin improved to at least 10 per cent (EBIT) * A Return on Capital Employed (ROCE) of at least 20 per cent
"The financial objectives are ambitious. We have now, however, a clear strategy to achieve them. Glaston is the leading, global player in its industry, in growing markets. We strengthen our market position both through organic growth and acquisitions. Strong investment in architectural glass will provide the basis for Glaston's profitable growth. Our geographical focus and investments in our Service Solutions business are clear steps taken towards achieving our objectives," says Mika Seitovirta, CEO&President.
Sender: Glaston Corporation
Agneta Selroos IR & Corporate Communications Manager
Further information: Mika Seitovirta, CEO&President, tel. +358 (0)10 500 500 Kimmo Lautanen, CFO, tel. +358 (0)10 500 500
Glaston Corporation
Glaston Corporation (formerly Kyro) is a growing, financially solid and global glass technology group. As the leading supplier of glass processing machines in the world and a One-Stop-Partner for glass processors, Glaston's product range and service network are the most extensive in the industry. Glaston's well-known brands include the pre-processing machine and tools supplier Bavelloni, the safety glass machine suppliers Tamglass and Uniglass and the glass industry software Albat+Wirsam.
The company's own glass processing unit, Tamglass Glass Processing, is a high-quality safety glass producer operating in Finland.
Glaston's share (GLA1V) is quoted on the Mid Cap list of the OMX Nordic Exchange Helsinki. www.glaston.net
Distribution: OMX Nordic Exchange Main media www.glaston.net
