The deal is estimated to be confirmed in April once due diligence has been successfully carried out. Based on the agreement between the parties, the acquisition price will not be disclosed.
The business operations of Uniglass Engineering comprise the design, sales and maintenance of glass tempering furnaces. The company's net sales in 2001 were about EUR 10 million, and the company has about 40 employees.
The acquisition supports the strategy of Kyro Corporation, which aims primarily at developing and expanding the business of glass processing machinery through organic growth, as well as acquisitions.
The net sales of Kyro Corporation in 2001 were EUR 147 million. The group's most significant subsidiary is the global technology and market leader in safety glass machinery, Tamglass had net sales in 2001 of about EUR 120 million, and the company has about 460 employees.
Kyro to acquire Uniglass engineering
Kyro agreed to purchase all shares of the Tampere-based flat tempering machine manufacturer Uniglass Engineering. Sellers in the deal are venture capital funds governed by 3i Finland and OKO Venture Capital, certain industrial investors, and a group of private shareholders.