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Tamglass And Bavelloni In Co-operation Negotiations
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 Tamglass Group of Finland, fully owned by Kyro Corporation listed on the Helsinki Exchanges, and Bavelloni Group of Italy, fully owned by the Bavelloni family, and the above owners are in negotiations over mutual co-operation. The aim is to provide the marketplace with a world-leading range of complete solutions for glass processing. This combination would serve all the glass processing industrys needs from pre-processing to finished value-added glass products by utilizing both companies products and sales and service networks. Co-operation may also involve ownership arrangements.
Tamglass Group is the world leader in safety glass processing machinery with 16 customer service locations world-wide and with over 50 % market share in its main product groups. Tamglass net sales in 2001 was EUR 120.9 million, growth 30 % from the previous year, and operating profit EUR 15.2 million. The financial standing of Tamglass and Kyro is strong and the equity ratio of the Kyro Group is about 80 %. Tamglass Groups new orders during the first nine months of this year are ahead of new orders at the same time of last year.
Bavelloni Group, the world leader in edge working machinery and related tools for the glass and stone industries, has a global sales network and over 30 % market share in its main product categories. Bavellonis net sales in 2001 was EUR 88.9 million, growth 15.5 % from the previous year, and operating profit EUR 8.3 million. Bavelloni Groups financial standing is very strong. Bavellonis new orders this year are also following the Groups business plan for 2002.
Both highly successful companies aim to continue and further strengthen their businesses under their own names and with their existing organisations, by developing their high quality product lines and by utilizing available synergies in logistics, sales, installations and after-sales services. The companies estimate, that the negotiations could be finalized by the end of the year.
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October 21st, 2002
Source: Tamglass |
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