Apogee Delivering on Growth Strategies: Acquires N. American Curtainwall Company, Sotawall Inc.
“We are very pleased to acquire
“Sotawall’s focus on delivering curtainwall solutions that result in smooth, streamlined, on-budget projects yields attractive operating margins,” said Puishys. “Its EBITDA margins will be accretive to Apogee and our architectural framing systems segment, and it will be accretive to Apogee’s earnings in fiscal 2018.”
“We are pleased to be joining forces with Apogee, a strong company that
is also known for its leadership and integrity in commercial
construction markets,” said
“Sotawall Limited will contribute to Apogee’s continued revenue and
margin growth in commercial construction markets that are anticipated to
grow through our fiscal 2020, based on our internal visibility and
external metrics,” said Puishys. “We’re especially pleased that Juan and
his leadership team, who have cultivated a culture of innovation and
quality consistent with the strength of Apogee’s other brands, will
continue to lead
Apogee funded the acquisition from cash and its credit facility.
Apogee management will discuss the acquisition during its third-quarter
earnings conference call tomorrow morning,
ABOUT SOTAWALL
Sotawall, established in 1989, 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 Window and Wall Systems, a manufacturer of custom aluminum window systems and curtainwall; 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; and (O) integration of recent acquisition.
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20161214005776/en/
Source:
Apogee Enterprises, Inc.
Mary Ann Jackson, 952-487-7538
Investor
Relations
mjackson@apog.com