Glaston Corp. has signed a letter of intent to sell and lease back its factory property complex located in Tampere, Finland. The company plans to sell the property to real estate group Tampereen Mummu ja Poika Oy for approximately $16.5 million U.S. dollars (12.5 million euros).

In the letter of intent, the parties also agreed to sign a long-term lease contract under which Glaston will rent the facility for approximately $1.5 million a year, beginning in April 2013.

The property complex consists of four plots and five buildings.

The sale is estimated to be completed by the end of March 2013. The sale of the factory property is a part of the company’s previously announced plans to improve its financial position and strengthen its balance sheet.