MINNEAPOLIS-Apogee Enterprises, which makes architectural glass, announced it has agreed to sell its retail auto glass subsidiary.
Apogee will see Harmon AutoGlass, its retail auto replacement glass business, to Synergistic International, a subsidiary of The Dwyer Group that does business as the Glass Doctor. The retail chain has more than 400 shops around the country. The deal is expected to close by year-end. Terms were not disclosed.
“This sale will allow Apogee management to increase our focus on opportunities in our architectural glass products and services, and picture framing glass businesses where we have solid market positions and greater opportunities for profitable growth,” says Russell Huffer, Apogee chairman, president and CEO.
One of Apogee's key businesses is to design, engineer, fabricate, install and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings.
Apogee's roots are in the retail auto glass business, but Harmon AutoGlass is no longer a strategic fit for Apogee due to changes in its market conditions, Apogee officials say. Glass Doctor plans to convert the majority of the purchased facilities to franchises. Apogee is now reporting Harmon AutoGlass in discontinued operations, and will take a charge of about $7 million to $9 million.
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