The first one of the two instalments of the acquisition price has been paid as of this date and all the shares of the companies have been transferred to the ownership of Kyro Corporation. Figures for Z. Bavelloni and Glasto will be consolidated in the Kyro Groups glass and stone processing technology business as of 1.1.2003.
The acquisitions are a very important step in Kyros growth strategy. With these acquisitions Kyros glass technology group develops from being the market leader in safety glass machines to becoming the leading equipment supplier for the whole glass processing industry and expands the groups business also to stone processing machinery and tools.
The acquisitions create a close co-operation between Z. Bavelloni Group, Glasto Group, and Tamglass Group, as all the companies are now fully owned subsidiaries of Kyro Corporation. The sales and service networks of the companies form the most extensive service network in the glass processing machinery industry.