Finland-based Glaston Corp. reported its orders received in the first half of 2015 totaled $49.5 million (EUR 55 million), with $25.8 million (EUR 32.5 million) coming in the second quarter.
The company revised its business outlook for 2015 as a result of the sale of its pre-processing machines business, which was completed at the end of the second quarter. Glaston expects its continuing operations’ 2015 net sales and comparable operating profit, excluding non-recurring items, will exceed the level of 2014, when net sales were $119 million (EUR 109.7) and comparable operating profit, excluding non-recurring items, was $6 million (EUR 5.5 million).
“The single most significant event for Glaston during the second quarter was the disposal of pre-processing operations,” says president and CEO Arto Metsanen. “The decision to sell pre-processing was influenced, in addition to the challenging market situation, by the fact that its profitability did not correspond to the targets we set for it and that achieving them would have required large investments in the business in question.”
Metsanen says the company his implemented “a major restructuring” between 2012-15 by disposing of both its software and pre-processing machine businesses. It is now focused on high-technology heat treatment and services.
“In heat treatment technology and service business, our expertise is strong, and we consider growth conditions to be good in these product groups,” he says. “In heat treatment, the product portfolio has been strongly updated in recent years and our market position is good. We will continue our goal-oriented product development investments in this segment. Our intention is to continue to grow both organically and through acquisitions.”