 |
 |
||||||
[April 2002]
Kyro Confirms Initial Agreement to Acquire Uniglass Engineering
Kyro Corporation has initially agreed to purchase all the shares of the Tampere, Finland based flat tempering machine manufacturer Uniglass Engineering Oy. Sellers in the deal are venture capital funds governed by 3i Finland and OKO Venture Capital Oy, certain industrial investors and a group of private shareholders. The deal is expected to be confirmed shortly once due diligence has been successfully carried out. Based on the agreement between the parties, the acquisition price will not be disclosed, said Kyro.The business operations of Uniglass Engineering comprise the design, sales and maintenance of glass tempering furnaces. The company's net sales in 2001 were approximately 10 million euro and its employees number around 40.
Kyro said that the acquisition supported its strategy, which aims primarily at developing and expanding the business of glass processing machinery, through organic growth as well as acquisitions.
The net sales for Kyro Corporation in 2001 totalled 147 million euro. The group's most significant subsidiary is the global technology and market leader in safety glass machinery, Tamglass Ltd, whose net sales in 2001 were approximately 120 million euro and whose employees number around 460.
ENDS