Tamglass Unit Closes Auto Business to Focus on Architectural Glass
Glaston Corp. announced today that its subsidiary Tamglass Glass
Processing will close its working machine and special automotive
glass business and in turn enhance its architectural glass business.
The closure will affect approximately 30 staff, according to a company
press release. CLICK
HERE to read the full release.
According to Agneta Selroos, Glaston corporate communications and
IR manager, the subsidiary is the company's only unit that actually
processes glass rather than supplying the glass processing machines.
Today's announcement comes on the heels of another recent announcement
that the subsidiary's losses had "significantly burdened the
first quarter financial results for the Corporation and Tamglass
Glass Processing has continued to operate in the red." (CLICK
HERE for that July 16 press release.)
In January the group had decided that Tamglass Glass Processing
was not a "core business" and had announced it would review
"future strategic options."
Selroos reports that the closure "is in line with Glaston's
- Glaston is the architectural value chain integrator, supported
by the emerging solar energy market (CLICK
HERE for related story). Architectural is the base for profitable
growth for Glaston.
- Appliances and automotive: focus on margin and cash flow."
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