Glaston Corp. has signed an agreement to acquire the Bystronic Glass Group, according to a release issued by Glaston early this morning. The globally operating high-end machinery, systems and services provider for the processing of flat glass is currently owned by Swiss industrial holding company Conzzeta AG.
Bystronic Glass has a comprehensive range of products, highly complementary to Glaston’s, for the architectural, automotive and display markets, according to the release.
“I am very pleased to welcome Bystronic glass’s highly professional team to Glaston,” says Arto Metsänen, president and CEO of Glaston. “We have followed the company for years and we are very impressed by the quality of its products and its transformation when it comes to both operational and financial performance. Together we will become a leading player in the glass processing technology market for the benefit of our customers. With our combined capabilities and expertise, we will be able to offer customers equipment, services and solutions from one supplier optimizing customer operations and driving customer value.”
Dr. Burghard Schneider, CEO of Bystronic glass, adds, “We are proud of our employees for delivering significant improvements over recent years. The transaction will open a new chapter to the benefit of all stakeholders. With an enhanced systems-thinking and strengthened R&D capabilities we will shape the industry trends towards energy efficient solutions and digital integration, jointly with our new colleagues from Glaston. Together we can serve our broad, global client base even better and we remain committed to deliver flat glass processing at its best in terms of productivity, quality and cost.”
The closing of the transaction is expected by the end of the first quarter of 2019, subject to regulatory approval. Glaston has secured committed debt and equity financing, subject to customary conditions and support of an extraordinary general meeting, respectively. Until the closing of the transaction, Bystronic Glass and Glaston will continue to operate as two independent companies and the legal structure will remain unchanged, according to the release.