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Glaston’s net sales up 26.8 percent in first quarter

Post Time:Nov 12,2013Classify:Industry NewsView:29

Officials from Finland’s Glaston Corp., formerly Kyro Corp., announced the company’s net sales reached $78.9 million from January to March, according to a May 9 company release. The quarter’s sales are $16.7 million, or 26.8 percent, higher than the same period last year, according to the release. Despite slower than expected North American sales and a weakened U.S. dollar, performance was strong for the quarter, said Mika Seitovirta, Glaston president and CEO, in the release. “The first quarter was good for Bavelloni [of Italy] and Tamglass Glass Processing [of Finland], and safety glass machine orders in Northern Asia, and [Europe, the Middle East and Africa] area also grew,” Seitovirta said. “The North American market developed more weakly than expected. The strategically important [Tamglass and Bavelloni products] order intake exceeded its targets, with the Chinese market being particularly strong.” The company also started efficiency programs at Bavelloni and Tamglass that will save an estimated $3.3 million by the end of the year, Seitovirta said. For the entire release, click here.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/glaston%E2%80%99s-net-sales-268-percent-first-quarterAuthor:

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