Apogee Enterprises Announces Completion of Sale-Leaseback
Apogee Enterprises, Inc. (“Apogee” or the “company”) announced that it has completed a sale and leaseback transaction for its facility located in McCook, Illinois, 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, 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,” said 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.”
About Apogee Enterprises, Inc.
Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive solutions for enclosing commercial buildings and framing art. Headquartered in Minneapolis, MN, we are a leader in architectural products and services, providing architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.
Jeff Huebschen – Vice President Investor Relations & Communications – email@example.com – (952) 487-7538
Source: Apogee Enterprises, Inc.