Glaston Corp. announced that it has entered into exclusive negotiations for the sale of Albat+Wirsam Software GmbH. Glaston expects the transaction to be completed by the end of 2012, thus divesting its Software Solutions business area.
"Glaston wants to put more focus on growing and developing its core competences; on glass processing machinery and related services. In these business areas we have outstanding know-how and the best possibilities to serve and support our customers. The transaction, when completed, will benefit both Glaston and Albat+Wirsam as the parties can put more strategic focus on their core businesses," says Arto Metsnen, CEO and president of Glaston Corp.
Glaston 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 individuals.
In Glaston's January-September 2012 interim report to be published on October 31, 2012, the Software Solutions business area will be reclassified as discontinued operations, according to the company.
