Apogee Enterprises Announces Definitive Agreement to Purchase Glass Installer

Apogee Enterprises, Inc. (Nasdaq:APOG), which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, today announced that its Harmon, Inc. subsidiary has entered into a definitive agreement to purchase the assets of Architectural Wall Solutions, Inc. (AWallS) of Bolingbrook, IL, the ninth largest commercial glass installation business in the United States.

Harmon, Inc. is part of Apogee's architectural segment and the largest U.S. full-service commercial building glass installation, maintenance and renovation company. This transaction is part of Apogee's strategy to strengthen and grow its architectural businesses.

As part of the purchase, Apogee intends to hire AWallS management and employees, who have extensive industry expertise and experience. The purchase also includes AWallS' backlog of business, which is primarily in the Midwest and Northwest. Apogee currently anticipates that the acquisition will add $25 to $30 million to its architectural segment backlog and approximately $25 million in annual revenues in its first full year of operations.

The transaction is expected to close by the end of December, subject to customary conditions. Terms were not disclosed.

"This acquisition is another building block in our strategy to improve and grow our high-potential architectural products and services businesses," said Russell Huffer, Apogee chairman and chief executive officer. "The purchase of AWallS will bring a strong organization that augments the strengths within Harmon. We will fill some critical organization needs with key AWallS executives who will assist with our ongoing efforts to improve the predictability and profitability of Harmon and our growth strategies. In addition, we expect to gain glass installation market share as we add to our presence in the Midwest and enter the Northwest region."

"This acquisition will further strengthen our management team, enhance our operational best practices and enable us to grow our business," said Chuck Mowrey, president of Harmon, Inc. "It clearly demonstrates the value Apogee places on Harmon and reflects a continued commitment to our company, our people and our customers."

"Combining our AWallS business with Harmon will allow us to offer our customers expanded services and resources," said AWallS executives Dennis Pilkinton and Tom Niepokoj. "And, our employees, who are a strength of AWallS, will have greater opportunities for growth with a larger industry leader."

600450 Apogee Enterprises Announces Definitive Agreement to Purchase Glass Installer glassonweb.com
Date: 10 November 2004
Source: Businesswire.com

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