Glaston Completes Purchase of Bystronic, Releases Q1 Results

Glaston Corp.’s net sales were down in the first quarter of 2019 compared to the same period last year. According to the company’s interim report for January to March 2019, its net sales were $23.2 million* (EUR 20.8 million) compared to $27.7 million (EUR 24.8 million) in the first quarter of 2018.

Glaston’s orders received were $25.5 million (EUR 22.9 million) for the first quarter of this year compared to $29.6 million (EUR 26.5 million) for the same period last year.

“As we anticipated in our financial statement 2018 bulletin, first quarter net sales and comparable operating results were low,” says CEO Arto Metsänen. “This was due primarily to the low number of new orders in the third quarter and early fourth quarter of last year, but also to, among other things, the protracted Brexit negotiations and other uncertainties reflected in Europe as a whole, which led to a slightly quieter-than-expected first quarter.”

On January 25, 2019, Glaston signed an agreement to acquire Bystronic Glass for an enterprise value of $75.9 million (EUR 68 million). Bystronic Glass’ net sales totaled $128.8 million (EUR 115.5 million) and the comparable operating result margin was 5.7%. The acquisition was completed on April 1, 2019.

Bystronic Glass was consolidated as part of Glaston Corp. from April 1, 2019 and, consequently, Glaston will have two reporting segments: Glaston and Bystronic Glass.

“The first quarter of 2019 has been historic for Glaston thanks to the acquisition of Bystronic Glass. The acquisition complements our offering significantly and we will be able to offer products to our architectural and automotive industry customers on a comprehensive basis,” says Metsänen.

*Editor’s Note: The financial results were converted from Euros to U.S. dollars on April 29, 2019.

GLASTON APPOINTS REGIONAL HEADS

Glaston Group has appointed new heads to lead its global sales regions. The new heads will be responsible for the sales and service of both Glaston and Bystronic Glass products in their respective territories. Glaston consists of three sales regions: Europe, the Middle East and Africa (EMEA); Asia Pacific (APAC); and the Americas.

Senior vice president Pekka Hytti has been appointed head of EMEA. He was previously head of Glaston’s sales and service in EMEA. Senior vice president Frank Zhang has been appointed head of APAC. Zhang has been responsible for Glaston’s sales and service in Asia until now. Senior vice president Scott Knisely has been appointed head of the Americas. Knisely moves from his previous position as Bystronic Glass’ head of the Americas.

Şişecam Group’s Net Sales Increase

The consolidated net sales of Şişecam Group for the fiscal year 2018 reached the level of nearly $2.7 billion* (TRY 15.6 billion) with an increase of 37% compared to the same period of the previous year. The group also reported a net profit of $582 million (TRY 3.4 billion). The group‘s total glass production volume was 4.9 million tons at its domestic and overseas plants.

In his statements regarding the financial results for fiscal year 2018, Ahmet Kirman, $lsecam Group vice chairperson and CEO, says, “…The share of international sales, which represents the total sales made up of exports from Turkey and sales made as a result of our overseas production operations, reached the level of roughly 61%. In consequence of our ongoing optimization efforts regarding cost, geographical distribution of production, etc., our consolidated EBITDA volume was at the level of $839 million (TRY 4.9 billion).”

“While improving our revenues and profitability during the period 2018, we have also made significant investments in support of our long-term sustainable growth. In order to reinforce our effectiveness in our existing markets, we concluded two acquisitions in Italy and India in the flat glass line,” he adds.

*Editor’s Note: The financial results were converted from Turkish lira to U.S. dollars on April 23, 2019.

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