Glaston strengthens its capabilities to respond to the prevailing market situation

Date: 18 September 2023

Glaston communicated in its half-year financial report on 1 August 2023, that during the first half of 2023, signs of increasing market uncertainty and more cautious customer behavior were visible.

Due to the slowdown in the architectural market, the demand environment was expected to be softer in Europe and China during the rest of the year, while demand prospects are better in the Americas. The Heat Treatment segment’s order intake, including machine orders and upgrade products, was lower than the previous year in the early part of this year. Despite the softer markets, demand continues to be supported by the strong megatrends driving interest in energy-efficient glass solutions, especially for insulating glass solutions.

Glaston is planning to adapt its operations to reflect the prevailing market situation. Therefore Glaston will initiate co-operation negotiations concerning all operations in Finland in order to deal with the planned adjustment measures.

The planned reorganization of operations concerns possible terminations of employment contracts and temporary lay-offs if the development of the market situation so requires. Glaston estimates that the negotiations could lead to the termination of less than 10 employment contracts. The scope of the negotiations includes the entire personnel in Finland. At the end of June 2023, Glaston Group employed a total of 817 people, of which approximately 220 in Finland. Most of the personnel in Finland belong to the Heat Treatment segment.

600450 Glaston strengthens its capabilities to respond to the prevailing market situation glassonweb.com

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Comments

Joe Anderson
Fri, 29/09/2023 - 06:31

Have you noticed how energy-efficient glass solutions are becoming more and more popular? Despite the current market conditions, the demand for these solutions has remained strong thanks to the incredible megatrends driving their adoption​​. In particular, insulating glass solutions have been capturing the attention of many, and that's because they are a true game-changer when it comes to saving energy and increasing comfort.

Ernest Thomas
Sun, 01/10/2023 - 06:15

This move reflects their commitment to adjusting to the prevailing market situation while ensuring the sustainability of their business, it would be valuable for Glaston to explore innovative solutions like elevator service Denver to diversify their offerings and further adapt to changing market dynamics.

Laura Holand
Wed, 24/01/2024 - 20:32

It is important to note that Glaston's efforts to strengthen its capabilities are ongoing. The company is constantly evaluating the market and adapting its strategies to meet the needs of its customers. By staying ahead of the curve, Glaston is well-positioned to thrive in the years to come.


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