Apogee Announces Architectural Glass Restructuring
- Investments, productivity improvements enable
- Restructuring charges reflected in previous fiscal 2018 outlook
“As part of our initiatives to diversify and strengthen our business for
more stable performance in any economic cycle, Apogee is making
significant investments in our Viracon architectural glass business for
new capabilities, automation and improved productivity that are yielding
increased capacity. It is now apparent that we no longer require the
capacity from our smallest domestic architectural glass plant in
In the fiscal 2018 fourth quarter, Apogee is taking a restructuring
charge of approximately
“Our architectural glass business will benefit from reduced costs in fiscal 2019 and beyond, as it continues to deliver very high levels of customer service with 6-8 week lead times,” said Puishys.
“This decision is not a reflection on the performance of the Viracon-St.
George facility and its employees,” said Viracon President
- 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; EFCO, a manufacturer of aluminum window, curtainwall, storefront and entrance systems; Tubelite, a manufacturer of aluminum storefront, entrance and curtainwall products; Alumicor, a manufacturer 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 Glass segment consists of Viracon, a leading fabricator of coated, high-performance architectural glass for global markets.
- Architectural Services segment consists of Harmon, 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 framing and display applications.
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; and (O) integration of recent acquisitions.
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 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
Apogee Enterprises, Inc.
Mary Ann Jackson, 952-487-7538