Apogee to sell retail auto glass replacement unit

Date: 11 September 2003
Source: Reuters.com
Glass maker Apogee Enterprises Inc. APOG.O said on Wednesday it is in talks to sell its retail auto replacement glass business, Harmon AutoGlass, so it can focus on its architectural operation, which makes windows for high-rise buildings.

Minneapolis-based Apogee expects to incur an after-tax charge of $6 million to $10 million, or about 22 cents to 36 cents a share, in fiscal year 2004 to exit the auto glass business.It said it would record $4 million to $6 million of the charge in the second quarter, ended Aug. 30, because of a reduction of the carrying value of Harmon.

Apogee also said it expects second-quarter profits to be slightly less than its earlier guidance of 14 cents to 18 cents a share.

Apogee, which will continue to make windshields through its 34 percent stake in PPG Auto Glass, hired Lazard to help sell Harmon. A deal is seen closing by Feb. 28, 2004.

"Apogee's roots are in the retail auto glass business, which made significant contributions to the company in past years," Apogee Chief Executive Russell Huffer said. "But with the changes in market conditions, we believe Harmon AutoGlass is no longer a strategic fit for Apogee."

600450 Apogee to sell retail auto glass replacement unit glassonweb.com
Date: 11 September 2003
Source: Reuters.com

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).

Add new comment