Glaston sells major part of its glass processing unit

Glaston Corp.'s subsidiary Tamglass Glass Processing Ltd. sells its insulated and architectural glass processing operations to Interpane Glass Oy, according to a March 30 Glaston release.

The transaction is an asset deal financed mainly through vendor financing given by Glaston. Glaston also invests in the equity of Interpane Glass Oy. The agreement was signed today and Interpane Glass Oy begins its operations April 1, 2009. The transaction will not have any material effect on Glaston´s first quarter result, according to the release.

The divested operations had net sales of approximately Eur 14 million [$18.6 million] in 2008
and currently have 93 employees. Glaston continues its production of solar reflectors in Akaa employing approximately 30 persons, according to the release.

Interpane Glass Oy is owned jointly by Georg F. Hesselbach through his company A A A Glass & Design Finland Oy, and a subsidiary of Glaston Corp. The shareholders of Interpane Glass Oy have today entered into a shareholders´ agreement which incorporates put and call options enabling the shareholders to rearrange their ownership shares in the company in the future, according to the release.

Hesselbach shall assume the management responsibility of Interpane Glass Oy. He is the founder of Interpane Glas Industrie AG, one of Europe´s major flat glass processors with 11 production facilities throughout Europe and net sales of Eur 280 million [$372.2 million], according to the release.

Timo Rautarinta, managing director, Tamglass Glass Processing Ltd., continues in his current position in addition to his new responsibility as managing director of Interpane Glass Oy.