Apogee Acquires Window Company
August 07 2013 - 5:15PM
Business Wire
Apogee Enterprises, Inc. (Nasdaq:APOG) announced today that its
Apogee Wausau Group, Inc. subsidiary, doing business as Wausau
Window and Wall Systems, has acquired the assets of Benchmark Sales
Agency, Inc., doing business as Custom Window Company, Inc., to
expand Wausau’s product offering and U.S. geographic reach. Terms
of the purchase were not disclosed.
“Wausau’s purchase of Custom Window supports Apogee’s strategy
to grow our architectural framing systems segment through
geographic expansion, new products and domestic acquisition. It
presents an opportunity to better serve customers and prospects in
the Western U.S. and the historical renovation market throughout
the country,” said Joseph F. Puishys, Apogee chief executive
officer.
Privately held, Custom Window was founded in 1981 in Englewood,
CO. It has grown to become a leading U.S. manufacturer of
historically accurate, aluminum window products that account for
annual revenues of approximately $10 million; it has more than 100
employees.
Custom Window’s unique product offering includes:
- Regionally appropriate, projected
windows for the competitive K-12 school market and low-rise office
applications;
- Patented, self-balancing double-hung
windows designed for occupants to enjoy both large openings and
easy operation; and
- Historically accurate window systems
with true divided lite muntins, addressing stringent aesthetic
requirements for historic preservation projects.
Wausau Window and Wall Systems engineers and fabricates
high-performance window and curtainwall systems for commercial
buildings with a focus on the education, health care and government
markets, including historic renovations.
About Apogee EnterprisesApogee Enterprises, Inc.,
headquartered in Minneapolis, provides distinctive solutions for
enclosing commercial buildings and framing art. The company is
organized in four segments, with three of the segments serving the
commercial construction market:
- Architectural Glass segment consists of
Viracon, the leading fabricator of coated, high-performance
architectural glass for global markets.
- Architectural Services segment consists
of Harmon, Inc., one of the largest U.S. full-service building
glass installation and renovation companies.
- Architectural Framing Systems segment
businesses design, engineer, fabricate and finish the aluminum
frames for window, curtainwall and storefront systems that comprise
the outside skin of buildings. Businesses in this segment are:
Wausau Window and Wall Systems, a manufacturer of custom aluminum
window systems and curtainwall; Tubelite, a fabricator of aluminum
storefront, entrance and curtainwall products; and Linetec, a paint
and anodizing finisher of window frames and PVC shutters.
- Large-Scale Optical segment consists of
Tru Vue, a value-added glass and acrylic manufacturer primarily for
the custom picture framing market.
Forward-Looking StatementsThe discussion above contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements reflect
Apogee management’s expectations or beliefs as of the date of this
release. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking
statements are qualified by factors that may affect the operating
results of the company, including the following: (A) operational
risks: i) the cyclical nature and market conditions of the North
American and Latin American commercial construction industries,
which impact our three architectural segments; ii) consumer
confidence and the conditions of the U.S. economy, which impact our
large-scale optical segment; iii) actions of competitors or new
market entrants; iv) ability to fully and efficiently utilize
production capacity; v) product performance, reliability,
execution or quality problems; vi) installation project management
issues that could result in losses on individual contracts; vii)
changes in consumer and customer preference, or architectural
trends and building codes; and viii) dependence on a relatively
small number of customers in certain business segments; (B)
financial risks: i) revenue and operating results that are
volatile; and ii) financial market disruption which could impact
company, customer and supplier credit availability; (C)
self-insurance risk related to a material product liability or
other event in which the company is liable; (D) cost of compliance
with environmental regulations; and (E) potential impact on
financial results if one or more senior executives were no longer
active with the company. The company cautions investors that actual
future results could differ materially from those described in the
forward-looking statements, and that other factors may in the
future prove to be important in affecting the company’s results of
operations. New factors emerge from time to time and it is not
possible for management to predict all such factors, nor can it
assess the impact of each such factor on the business or the extent
to which any factor, or a combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements. For a more detailed explanation of the
foregoing and other risks and uncertainties, see Item 1A of the
company’s Annual Report on Form 10-K for the fiscal year ended
March 2, 2013.
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