RTTNews | Oct 18, 2021 05:55PM EDT

17:55 Monday, October 18, 2021 (RTTNews.com) - Apogee Enterprises, Inc. (APOG) Monday said it has agreed to sell its Architectural Glass facility located in Statesboro, Georgia to Cardinal Glass Industries.

Apogee had previously revealed its plans to close the Statesboro location as a part of its restructuring plan. Cardinal Glass plans to re-purpose the facility to support its residential glass business.

The deal is expected to close in the fourth quarter of 2022. 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," said Ty R. Silberhorn, Apogee's Chief Executive Officer. "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."

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