Glaston Oyj Abp

Glaston Corporation announced that it will release its Financial Statements 2024 and Annual Report 2024 by week 13 of 2025. The Annual General Meeting is scheduled for April 16, 2025. For further information, contact Pia Posio, VP of Communications, Marketing, and IR. Glaston is a technology leader in the glass processing industry, providing equipment, services, and solutions globally. The company is listed on Nasdaq Helsinki Ltd.

Glaston Corporation's Half-Year Financial Report for January-June 2024 highlights a cautious market development in architectural glass processing equipment, with anticipated market recovery delayed to late 2024. The mobility glass processing market in China is expected to grow but with volatility. The company estimates its 2024 net sales to remain at 2023 levels, with comparable EBITA projected at EUR 14.5-16.0 million. In the second quarter, net sales decreased by 10% to EUR 49.9 million, while the Services segment saw growth. The EBITA margin improved to 6.6%. Glaston plans to transfer pre-processing equipment production from Switzerland to China, estimating EUR 6 million in costs and EUR 2 million in annual savings by the end of 2025. The new CEO, Toni Laaksonen, will assume his role on August 12, 2024. An analyst and press meeting will be held on the publication day, with an on-demand version available later.

Glaston Corporation plans to transfer the production of mobility and display pre-processing equipment from its Swiss facility to its factory in Tianjin, China. This move aims to streamline global production, meet customer demand, and improve operational efficiencies. The mobility glass market is growing rapidly in Asia, with over 90% of Glaston's pre-processing equipment orders in the first half of 2024 coming from the APAC region, mainly China. Sales and Services functions will remain in Switzerland to support customers. The estimated cost of the transfer is EUR 6 million, with expected annual net cost savings of over EUR 2 million by the end of 2025. The transfer will affect around 30 employees in Switzerland, while approximately 20 new employees will be hired in China. The process is expected to be completed by early September.

Toni Laaksonen will assume the role of CEO & President of Glaston Corporation on August 12, 2024. He joins from Metso Corporation, where he served as Senior Vice President of Materials Processing Products since 2019. His appointment was initially announced on March 22, 2024. Antti Kaunonen, who has been serving as interim CEO, will step down from that role on August 12, 2024, but will continue to serve on Glaston's Board of Directors and its People and Remuneration Committee. Glaston Corporation is a leader in the glass processing industry, providing equipment, services, and solutions globally, with shares listed on Nasdaq Helsinki Ltd. For more information, contact Chair of the Board of Directors Veli-Matti Reinikkala or VP of Communications, Marketing, and IR Pia Posio.

The Annual General Meeting of Glaston Corporation was held on April 9, 2024, where it adopted the financial statements for the year 2023 and discharged members of the Board of Directors and CEOs from liability for the same period. The meeting resolved to distribute a return of capital of EUR 0.05 per share for the financial year ended on December 31, 2023. The Remuneration Report and Remuneration Policy for governing bodies were adopted as proposed by the Board. The annual remuneration of the Members of the Board of Directors was set, and it was also decided that a member may choose to receive part of the remuneration in company shares. The Board of Directors was re-elected and the auditing firm KPMG Oy Ab was chosen as the company’s auditor. The Board was authorized to decide on the repurchase and issuance of the company’s own shares and option rights. The minutes of the meeting will be available on the company’s website on April 23, 2024. In the organization meeting held after the Annual General Meeting, the Board of Directors re-elected Veli-Matti Reinikkala as the Chair and Sebastian Bondestam as the Deputy Chair. The members of the Audit Committee and People and Remuneration Committee were also elected.