Glaston Sells Pre-Processing Machines Business; Continues as Distributor
Finland-based Glaston Corp. signed an agreement to sell 100 percent of the shares of Glaston Italy S.p.A to the subsidiary’s local management. At press time, the sale was expected to be finalized by the end of June 2015. Once final, Glaston will incur non-recurring losses estimated at nearly $10 million USD, of which an estimated $7.72 million (EU 7 million) will consist of impairment of goodwill, according to a company release.
“Glaston has a clear strategy and direction, which is sustainable and profitable growth,” says president and CEO Arto Metsänen. “The company’s expertise is strongest in heat treatment technology. We have successfully developed this segment by launching machines which represent the most advanced technology and which have clearly fulfilled customers’ needs. The agreement … means that we can in the future focus all of our resources on areas where we are already strong in terms of both expertise and profitability.”
“This item will have no impact on cash flow,” the release reads. “Impairments arising from the sale will have a negative impact on the parent company’s distributable funds but will not, however, jeopardize the company’s capacity for normal distribution of funds.”
Glaston entered the pre-processing segment when it acquired Z. Bavelloni Immobiliare S.p.A. in 2003. According to the company, pre-processing machines are reported as part of its “machines” segment, and the servicing as part of its “services” segment. The sale and manufacturing of tools related to pre-processing operations will remain in the company, and Glaston will continue to distribute and service pre-processing machines in certain areas.
Piva Group to Bring 122
New Jobs to Missouri
Global door and window manufacturer Piva Group will open its first U.S. facility in Ste. Genevieve, Mo. Governor Jay Nixon announced that the expansion is expected to create 122 new jobs over time at the new 60,000-square-foot facility. The company expects to install machinery and equipment soon and to be operational in August.
The $6.47 million expansion will provide more than a hundred jobs to residents in the region in the manufacturing and distribution fields as well as IT, accounting, and customer service specialists.
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