Apogee Completes Sale of Harmon AutoGlass to Glass Doctor

Date: 6 January 2004
Source: Businesswire.com

Date: 6 January 2004

Apogee Enterprises, Inc., which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, today announced it has completed the sale of the stock of Harmon AutoGlass, its retail auto replacement glass business, to Synergistic International, Inc., doing business as Glass Doctor, a subsidiary of The Dwyer Group.

Terms were not disclosed.

Apogee had previously announced that it had entered a definite purchase agreement with Glass Doctor, as part of its long-term strategic realignment to focus on opportunities in the company's architectural glass products and services, and picture framing glass businesses.

"We're pleased that a leader in the auto replacement glass industry, Glass Doctor, will be taking Harmon AutoGlass to a new level of competitiveness," said Russell Huffer, Apogee chairman, president and chief executive officer. "I would like to thank the Harmon AutoGlass employees for their significant contributions to Apogee over the years."

Apogee began reporting Harmon AutoGlass in discontinued operations in the second quarter of fiscal 2004. Full-year discontinued operations are expected to reflect a charge of $0.25 to $0.32 per share, or $7 to $9 million, for the transaction and transition costs of exiting retail auto glass. Apogee anticipates that the transaction will be neutral from a cash flow perspective.

600450 Apogee Completes Sale of Harmon AutoGlass to Glass Doctor glassonweb.com

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