Apogee Enterprises Inc., based in Minneapolis, announced that it has agreed to sell its architectural glass facility located in Statesboro, Ga., to Cardinal Glass Industries, based in Eden Prairie, Minn.
In August, Apogee had previously announced its intent to close the Statesboro location as a part of a broader restructuring plan. Cardinal Glass plans to repurpose the facility to support its residential glass business, according to the statement.
The transaction is expected to close in the fourth quarter of fiscal 2022, subject to certain closing conditions. Apogee expects to record a pre-tax gain on the sale of between $18 million to $20 million, according to a press release.
“This sale agreement is a terrific outcome for Apogee, our employees in Statesboro, and the surrounding community,” says Ty R. Silberhorn, Apogee’s CEO. “This transaction will further improve Apogee’s already strong financial position and gives us more financial flexibility as we move forward with implementing our new enterprise strategy. I’d like to recognize the efforts of our Architectural Glass team for bringing this to a successful conclusion.”
“Cardinal Glass has a long history of working together with Apogee and its Viracon business,” says Kyle Petersen, president of Cardinal LG. “We are excited about the opportunity to purchase the Statesboro facility and expand Cardinal’s residential glass capability in the Southeastern United States. We are especially impressed with the quality of the team in Statesboro and look forward to building a lasting relationship with those employees and the Statesboro community.”
This story is developing. Stay tuned to usglassmag.com for updates as they are made available.