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Apogee Enterprises Inc. has completed a sale and leaseback transaction for its facility located in McCook, Ill., at a sales price of $25 million. The company expects to record a pre-tax gain on the sale of approximately $19 million.
Concurrent with the sale, Apogee entered into a lease agreement for the McCook facility, with an initial five-year term and multiple renewal options. The facility, which is a part of the company’s large-scale optical segment, which includes Tru Vue, will continue to operate and serve customers without disruption from the transaction.
“We are pleased to complete this transaction, which further improves Apogee’s already strong financial position,” says Nisheet Gupta, chief financial officer. “Our team continues to evaluate a range of additional options to reduce costs, increase productivity, and improve cash flow in the second half of our fiscal year.”
The company also resumed its share buyback program this month, which had been put on pause for five months due to the COVID-19 pandemic. That’s according to The Street, which reports that approximately 2.1 million shares are authorized for buyback.
