Cardinal Glass to Purchase Apogee Enterprises Architectural Glass Facility
Apogee Enterprises Inc. has entered into an agreement to sell its Architectural Glass facility in Statesboro, Georgia, to Cardinal Glass Industries. 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. 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.
“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.”
Kyle Petersen, president of Cardinal LG, says, “Cardinal Glass has a long history of working together with Apogee and its Viracon business. 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.”