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Apogee Completes Purchase of Glass Installer
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Apogee Enterprises, Inc. announced that its Harmon, Inc. subsidiary has completed the purchase of the assets of Architectural Wall Solutions, Inc. (AWallS) of Bolingbrook, IL, the ninth largest commercial glass installation business in the United States. Terms were not disclosed.
Apogee, which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, had previously announced that Harmon, Inc. had entered a definite purchase agreement with AWallS as part of Apogee's strategy to strengthen and grow its architectural businesses. Harmon, Inc. is part of Apogee's architectural segment and the largest U.S. full-service commercial building glass installation, maintenance and renovation company. Industry rankings are from Engineering News-Record, the construction industry weekly.
"This acquisition brings a strong organization that complements the strengths within Harmon," said Russell Huffer, Apogee chairman and chief executive officer. "In addition, we expect to gain glass installation market share as we add to our presence in the Midwest and enter the Northwest region."
As part of the purchase, Apogee has hired AWallS management and employees, who have extensive industry expertise and experience. Harmon will fill some critical organization needs with key AWallS executives. The purchase also included AWallS' backlog of business, which is primarily in the Midwest and Northwest. Apogee currently anticipates that the acquisition will add approximately $25 million in annual revenues in its first full year of operations.
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December 14th, 2004
Source: Businesswire.com |
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