2010 was challenging for Glaston, Finland, said President and CEO Arto Metsänen in a March 1 release. "Demand for our products remained at a low level and the company's profitability was very weak," he said. "Our operating year was marked by extensive efficiency measures to reverse the trend in profitability.
Despite the subdued market, our net sales remained at the previous year's level. Our operating result clearly improved, which shows that our adjustment and efficiency measures are working."
The most important goal for 2011 is a clear improvement in operational profitability, Metsänen said in the release. "During 2010, due to the substantial measures implemented, our organization has adjusted to the present market situation, and the foundation has been laid for profitable operations," he said. "The financing package signed at the end of February has safeguarded the company's long-term funding. Now we can focus on growing our business and serving our customers."
Read the full release below.