Biesse: JP Morgan Asset Management cuts stake

US asset manager JP Morgan Asset Management Ltd has reduced its holding in Italian glass, stone and wood processing machinery maker Biesse to under 2.0%, Italy“s stock market regulator Consob reporte…

US asset manager JP Morgan Asset Management Ltd has reduced its holding in Italian glass, stone and wood processing machinery maker Biesse to under 2.0%, Italy“s stock market regulator Consob reported on 25 November 2005. The operation was carried out on 21 November 2005, Consob added. JP Morgan Asset Management has had a 2.051% stake in the Italian company since 16 November 2005. Biesse, which produces glass processing machinery under the Intermac, Busetti and Gieffe brands, posted a net profit of EUR 8.4 million (USD 9.8 million) for January to September 2005, it was reported on 14 November 2005. The company generated a revenue of EUR 226.8 million (USD 265.8 million) for the first nine months of 2005, a 6.6% year-on-year increase.