Glaston releases interim report; will adjust operations

Glaston Corp., Tampere, Finland, released its interim financial report, Jan. 1-Sept. 30, according to an Oct. 29 release.

“The weakening of Glaston's markets appears to have stopped. No immediateimprovement of the markets is evident, however, and no significant rise in thedemand for glass processing machines is expected in the near future," said Arto Metsänen, president and CEO."During the third quarter, signs of recovery have been perceptible in anumber of markets, but positive development is not yet evident as orders received. "Glaston's third quarter, as expected, was loss-making," Metsänen said. "The weak financialperformance was due to the sharp fall in sales. Operational adjustment andcost-cutting measures will be robustly continued during the final quarter of the year.”

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The company will adjust operations in line with market situation, according to another Oct. 29 release. The related plan includes adjustments to production capacity, the optimization of the product range and simplification of the sales organization. The maximum number of jobs to be reduced is around 400, of which around 50 in Finland.

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