Tamglass And Bavelloni In Co-operation Negotiations

Tamglass Group of Finland, fully owned by Kyro Corporation listed on the Helsinki Exchanges, and Bavelloni Group of Italy, fully owned by the Bavelloni family, and the above owners are in negotiations over mutual co-operation.

The aim is to provide the marketplace with a world-leading range of complete solutions for glass processing. This combination would serve all the glass processing industry’s needs from pre-processing to finished value-added glass products by utilizing both companies’ products and sales and service networks. Co-operation may also involve ownership arrangements.

Tamglass Group is the world leader in safety glass processing machinery with 16 customer service locations world-wide and with over 50 % market share in its main product groups. Tamglass’ net sales in 2001 was EUR 120.9 million, growth 30 % from the previous year, and operating profit EUR 15.2 million. The financial standing of Tamglass and Kyro is strong and the equity ratio of the Kyro Group is about 80 %. Tamglass Group’s new orders during the first nine months of this year are ahead of new orders at the same time of last year.

Bavelloni Group, the world leader in edge working machinery and related tools for the glass and stone industries, has a global sales network and over 30 % market share in its main product categories. Bavelloni’s net sales in 2001 was EUR 88.9 million, growth 15.5 % from the previous year, and operating profit EUR 8.3 million. Bavelloni Group’s financial standing is very strong. Bavelloni’s new orders this year are also following the Group’s business plan for 2002.

Both highly successful companies aim to continue and further strengthen their businesses under their own names and with their existing organisations, by developing their high quality product lines and by utilizing available synergies in logistics, sales, installations and after-sales services. The companies estimate, that the negotiations could be finalized by the end of the year.

600450 Tamglass And Bavelloni In Co-operation Negotiations glassonweb.com
Date: 21 October 2002
Source: Tamglass

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