Glaston, a frontrunner in glass processing technologies and services, has signed an agreement to divest its Tools business, specialized in manufacturing and sales of tools for glass and stone processing, to Italian Bavelloni S.p.A.
The divestment is a step in accordance with Glaston’s strategy to focus on its core Heat Treatment and Emerging Technologies and related services. The sale is carried out through a share deal of Glaston Tools S.r.l in Italy.
It has also been agreed that Glaston will continue as a Tools distributor through its offices in Mexico, Brazil and Singapore in their respective territories. Earlier this year Glaston discontinued its joint venture company for Tools sales and manufacturing in China. The divested business’ net sales for 2018 is estimated to be approximately EUR 5 million.
Glaston estimates to record items affecting comparability of EUR 1.5-2 million in 2018 relating to the divestment and expected future volume reduction of the remaining tools and pre-processing businesses. The transaction does not affect Glaston’s previously disclosed outlook regarding operating profit excl. items affecting comparability for the current year.
“Glaston’s Tools business has a strong heritage within the glass and stone industry since 1950’s. We foresee a strong future for the Tools business with a dedicated new owner with Tools as part of their core business. Machinery and services for tempering and laminating continue to be in the core of Glaston’s solutions globally” says Artturi Mäki, Senior Vice President, Glaston Services.
Glaston Tools S.r.l employs 39 people in Italy.
Sequor Capital Management has acted as advisor in the transaction in Italy.