Glaston Corporation's employee co-operation negotiations in Finland completed

Glaston Corporation's statutory employer-employee negotiations under the Act of Co-Determination within Undertakings in Finland (YT negotiations) initiated on 13 November 2012, have been concluded.

As a result of the negotiation process and previous actions, the reduction in personnel is approximately 20 employees, the majority of them white-collar employees. As a principal rule the personnel reductions will commence immediately.

Based on the work load situation in 2013 Glaston Finland also prepares to use temporary lay-offs.

Glaston has ongoing efficiency measures also in other locations. The largest adjustment measures are focused on Brazil, where negotiations on efficiency increasing actions will be completed during January 2013. Personnel in Brazil is reduced with a little less than 30 persons.

The adjustment program will give cost savings of around EUR 5 million per year, occuring in full by the end of year 2013.

At the end of September 2012, Glaston’s Continuing Operations had a total of 624 persons, of whom 150 worked in Finland.

 

For further information please contact:

President & CEO Arto Metsänen, tel. +358 10 500 6100.

GLASTON CORPORATION

Agneta Selroos

Director, Corporate Communications and Marketing

phone +358 10 500 6105

Glaston Corporation

Glaston is a global company developing glass processing technology for architectural, solar, appliance and automotive applications. Our portfolio ranges from pre-processing and safety glass machines to software solutions and services. We are dedicated to our customers’ continued success and provide services for all glass processing needs with a lifecycle-long commitment in mind. For more information, please visit www.glaston.net. Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.

600450 Glaston Corporation's employee co-operation negotiations in Finland completed glassonweb.com

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