Apogee Buys Brazilian Glass Manufacturer for $22M
Bloomington-based Apogee Enterprises, Inc., announced Friday that it has acquired Glassec Vidros de SeguranÂa Ltda., a Brazilian architectural glass fabricator, for $22 million.
The all-cash transaction also includes the assumption of about $2 million of Glassec's debt. Apogee will integrate the company, which has about $30 million in annual revenue, into its architectural glass business, and it will be branded Glassec Viracon.
Apogee said in a statement that it will retain the Glassec's management team to lead the business, which could be accretive to Apogee's earnings as early as fiscal 2012.
Glassec, which was founded in 1991, operates in a 100,000-square-foot facility in Brazil-which is included in the deal-and has 250 employees, all of which will be retained.
“Glassec Viracon will give Apogee entrÃ©e to a large developing market for energy-efficient architectural glass products that is difficult to serve from the United States,” Russell Huffer, Apogee chairman and CEO, said in a statement.
Apogee is among Minnesota's 40-largest public companies based on revenue, which totaled $696.7 million in its most recently completed fiscal year which ended in February.