Glaston selling Tampere, Finland, facility

Glaston Corp.officials announced that the company has signed a binding letter of intent to sell its factory property complex in Tampere, Finland, for EUR 12.5 million (about $16.7 million). The sale is expected to be final by the end of March 2013. The transaction will strengthen the equipment supplier's financial position and substantially reduce the amount of its interest-bearing liabilities, according to a release.

Tampereen Mummu ja Poika Oy, a real estate group belonging to Lahtiset Yhtym?, is purchasing the property. As part of the sale, Hymy Lahtinen Oy, an investment company of Lahtiset Yhtym?, will have a 5.53 percent share in Glaston.