Kyro: Bavelloni acquisition finalized

Kyro Corporation“s takeover of Z. Bavelloni Immobiliare S.p.A. and Glasto Holding B.V has been finalized according to the agreement of 12 December 2002.
The first of the two instalments of the acqu…

Kyro Corporation“s takeover of Z. Bavelloni Immobiliare S.p.A. and Glasto Holding B.V has been finalized according to the agreement of 12 December 2002. The first of the two instalments of the acquisition price has been paid as of this date and all shares of the companies have been transferred to Kyro Corporation. Figures for Z.Bavelloni and Glasto will be consolidated in the Kyro Group“s glass and stone processing technology business as of 1 January 2003. Kyro claim that through these acquisitions the glass technology group has moved from being the market leader in safety glass machines to becoming the leading equipment supplier for the whole glass processing industry. The acquisitions create close co-operation between Z. Bavelloni Group, Glasto Group, and Tamglass Group, as all the companies are now fully owned subsidiaries of Kyro Corporation. According to Kyro, the sales and service networks are now the most extensive in the glass processing machinery industry.