Apogee sold Harmon AutoGlass, its retail auto replacement glass business with more than 400 shops around the country, to Synergistic International, a subsidiary of The Dwyer Group that does business as the Glass Doctor. Terms were not disclosed.
Apogee began reporting Harmon AutoGlass in discontinued operations in the second quarter of fiscal 2004. Full-year discontinued operations are expected to reflect a charge of 25 cents to 32 centers per share, or $7 to $9 million, for the transaction and transition costs of exiting retail auto glass.
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. 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.
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.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
