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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 13, 1999
Apogee Enterprises, Inc.
(Exact name of registrant as specified in its charter)
Commission File No. 0-6365
Minnesota 41-0919654
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
7900 Xerxes Avenue South, Suite 1800
Minneapolis, Minnesota 55431-1159
(Address of principal executive offices)
(612) 835-1874
(Registrant's telephone number, including area code)
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Item 2. Acquisition or Disposition of Assets.
On May 13, 1999, Apogee Enterprises, Inc. (the "Company") completed the
sale of all of the outstanding shares of capital stock of Harmon, Ltd. (the
"Harmon Shares"), a wholly-owned subsidiary of the Company to CH Holdings, Inc.
in accordance with the terms of a Stock Purchase Agreement dated as of April 9,
1999 (the "Stock Purchase Agreement"). The purchase price for the Harmon Shares
was approximately $12,000,000, subject to certain post-closing adjustments. This
purchase price consisted of $2,000,000 in cash and CH Holdings, Inc.'s delivery
to the Company of a subordinated purchase money note in the principal sum of
$10,185,000, subject to adjustment in accordance with the Stock Purchase
Agreement.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated May 13, 1999.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
APOGEE ENTERPRISES, INC.
Date: May 25, 1999 By: /s/ Russell Huffer
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Russell Huffer
President and Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
THURSDAY, MAY 13, 1999
APOGEE ENTERPRISES, INC. COMPLETES THE SALE
OF LARGE-SCALE DOMESTIC CURTAINWALL UNIT
MINNEAPOLIS, MN, May 13, 1999 -- Apogee Enterprises, Inc. (Nasdaq: APOG)
announced today that it has completed the sale of the stock of its large-scale
domestic curtainwall business, Harmon Ltd., to CH Holdings, Inc., a private
company located in St. Louis, Missouri.
Harmon Ltd. is the nation's largest designer and installer of curtainwall and
window systems for nonresidential construction. In fiscal 1999, Harmon Ltd.
generated revenues of approximately $85 million. By comparison, Apogee reported
fiscal 1999 consolidated net sales of approximately $793 million, which excluded
the following discontinued operations: domestic and international curtainwall
operations, and the Norment detention & security unit.
Apogee Enterprises, Inc. is a world leader in technologies involving the design
and development of value-added glass products, services and systems. Organized
in two business segments, the Glass Technologies businesses are leaders
primarily in architectural glass and high-end glass coatings for the electronics
markets, while the Glass Services businesses are leaders in replacement auto
glass and building glass services. Headquartered in Minneapolis, the company's
stock is traded on the Nasdaq Stock Market under the symbol APOG.
For more information on Apogee Enterprises, Inc. via facsimile at no cost,
simply dial 1-800-PRO-INFO and enter the company code ticker APOG.
# # #
Apogee Enterprises, Inc.
7900 Xerxes Ave., South
Minneapolis, MN 55431
(612) 835-1874
At the Company:
Russel Huffer, CEO
Robert G. Barbieri, CFO
Michael A. Bevilacqua, Treasurer
At the Financial Relations Board:
Larry Stein Suzy Lynde
General Inquiries Investor Inquiries
(312) 266-7800 (312) 266-7800
