Apogee Announces Agreement to Acquire Window Company, EFCO Corporation, for $195 Million
Acquisition aligns with growth strategies
Apogee to host investor conference call today at
“Our acquisition of EFCO will accelerate our growth strategies, and
expand our presence in mid-size commercial buildings, broaden our
product offerings and increase our geographic presence across the
“EFCO is a growing and profitable company, with annual revenues of more
than
EFCO’s management team will continue to lead the business following the
acquisition close. “A leader in commercial construction products, Apogee
is an ideal parent company for EFCO,” said
Added Puishys, “We are buying a great asset that can be even greater, and we expect EFCO will contribute to Apogee’s continued strong performance in the commercial construction industry. We are especially pleased that Cameron and his leadership team, who have cultivated a culture of quality, innovation, value and service consistent with Apogee and are driving strategies that are improving profitability, will continue to lead EFCO.”
Apogee is funding the EFCO acquisition from cash and its recently expanded credit facility. EFCO will be a ninth independent operating unit in the Apogee portfolio and reported as part of the architectural framing systems segment.
CONFERENCE CALL TODAY
Apogee will host a teleconference and webcast at
ABOUT EFCO CORPORATION
EFCO, founded in 1951, is headquartered in
ABOUT
- Architectural Glass segment consists of Viracon, the leading fabricator of coated, high-performance architectural glass for global markets.
- 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, a manufacturer of custom aluminum window systems and curtainwall; Sotawall, a manufacturer of unitized curtainwall systems; Tubelite, a fabricator of aluminum storefront, entrance and curtainwall products; Alumicor, a fabricator of aluminum storefront, entrance, curtainwall and window products for Canadian markets; and Linetec, a paint and anodizing finisher of window frames and PVC shutters.
-
Architectural Services segment consists of
Harmon, Inc. , one of the largest U.S. full-service building glass installation companies. -
Large-Scale Optical segment consists of
Tru Vue , a value-added glass and acrylic manufacturer primarily for the custom picture framing market.
FORWARD-LOOKING STATEMENTS
The 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) global economic
conditions and the cyclical nature of the North American and Latin
American commercial construction industries, which impact our three
architectural segments, and consumer confidence and the conditions of
the U.S. economy, which impact our large-scale optical segment; (B)
fluctuations in foreign currency exchange rates; (C) actions of new and
existing competitors; (D) ability to effectively utilize and increase
production capacity; (E) product performance, reliability and quality
issues; (F) project management and installation issues that could result
in losses on individual contracts; (G) changes in consumer and customer
preference, or architectural trends and building codes; (H) dependence
on a relatively small number of customers in certain business segments;
(I) revenue and operating results that could differ from market
expectations; (J) self-insurance risk related to a material product
liability or other event for which the company is liable; (K) dependence
on information technology systems and information security threats; (L)
cost of compliance with and changes in environmental regulations; (M)
interruptions in glass supply; (N) loss of key personnel and inability
to source sufficient labor; (O) integration of recent acquisition; and
(P) ability to close pending transaction. 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
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Source:
Apogee Enterprises, Inc.
Mary Ann Jackson, 952-487-7538
Investor
Relations
mjackson@apog.com