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Glaston Corporation and Constellation Software Inc., acting through its wholly owned subsidiary Friedman Corporation, have today signed a definite and binding agreement for the sale of 100% of the shares in Albat+Wirsam Software GmbH (”A+W”). The value of the deal is estimated at EUR 18 million and it will be finalized upon closing of the transaction. As per agreement, part of the purchase consideration is contingent.
A+W is the global market leader in software for the flat glass industry. Headquartered in Linden (Rhine-Main area), Germany, A+W develops and markets ERP, production planning and scheduling, and optimization software solutions for the glass, window, door, and curtain-wall industries.
"The transaction, when completed, will benefit both Glaston and Albat+Wirsam as both parties can put more strategic focus on their core businesses. For Glaston this means glass processing machinery and related services. Albat+Wirsam, on the other hand, can focus on growth as part of a bigger software group”, said Arto Metsänen, CEO & President of Glaston Corporation.
As a result of the purchase, the A+W business will become part of Constellation’s Friedman Operating Group. A+W will operate as an independent division of Friedman, and will continue to develop, enhance, and market their glass and fenestration industry software solutions world-wide. Mark Thompson, Chief Executive Officer of the Friedman Operating Group, commented, "the acquisition of Albat+Wirsam complements the Friedman Operating Group's markets and product portfolio. The Albat+Wirsam product offering will enable us to further grow our already-strong presence in the glass, fenestration, and building-products industries."
Glaston Corporation acquired Albat+Wirsam Software Group in July 2007 and it has operated as a business area within Glaston Group. The net sales for the Software Solutions’ business area for the period January-June 2012 was EUR 10.7 (12.2) million. Operating result excluding non-recurring items was EUR 1.1 (1.3) million and the business area employed approximately 190 persons.
Closing of the agreement is subject to customary closing conditions including a competition review by the German Federal Cartel Office which is expected to be completed by the end of 2012, at which time ownership of A+W will transfer to Constellation.
For further information, please contact:
Arto Metsänen, CEO and President, Glaston Corporation, Tel. +358 10 500 500 Taina Tirkkonen, General Counsel, Glaston Corporation, Tel. +358 10 500 500
John Billowits, Chief Financial Officer, Constellation Software Inc. Tel: +1 (416) 861-2279
GLASTON CORPORATION Agneta Selroos Director, Communications and Marketing
Distribution: NASDAQ OMX, key media,
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