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Exhibit 99.1
NEWS RELEASE
A P O G E E
FOR IMMEDIATE RELEASE
Apogee: Mary Ann Jackson PPG: John S. Ruch
612-830-0674 (O) 412-434-2445 (O)
724-452-8834 (H) 612-806-9780 (H)
[email protected] [email protected]
APOGEE, PPG TO FORM VENTURE
FOR AUTO REPLACEMENT GLASS
MINNEAPOLIS, MN (June 13, 2000) - Apogee Enterprises, Inc. of
Minneapolis (Nasdaq: APOG) and PPG Industries of Pittsburgh (NYSE: PPG) have
agreed to combine their U.S. automotive replacement glass distribution
businesses in a new entity, PPG Auto Glass.
PPG will hold a 66 percent interest and Apogee a 34 percent interest in
the new company. Subject to regulatory approval, PPG Auto Glass is expected to
begin operating this summer.
"Creation of PPG Auto Glass grew from mutual exploration of
opportunities to improve efficiencies and service in our respective auto
replacement glass distribution operations," said Garry A. Goudy, PPG vice
president of automotive replacement glass. "We operate more than 110 wholesale
distribution branches, while Apogee operates about 75 branches."
According to Russell Huffer, Apogee chairman and chief executive
officer, "Both of our firms produce auto glass parts that consumers buy at
installation shops throughout the U.S. The venture will increase geographic
coverage, improve efficiency, and provide service benefits that will allow the
new company to meet PPG's and Apogee's installer-customer needs more
effectively."
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The new venture will not include PPG's auto replacement glass
production and truckload sales business, or Apogee's manufacturing and retail
installation operations. Apogee's Harmon AutoGlass division, the company's
retail unit, owns about 325 installation shops. PPG has no U.S. retail shops,
nor will PPG Auto Glass.
The new venture is expected to employ more than 1,200 people from PPG's
and Apogee's existing auto replacement glass distribution units.
PPG is North America's largest producer of flat and fabricated glass,
and its leading producer of automotive replacement glass. The company is also a
major global producer of automotive, industrial and packaging coatings;
continuous-strand fiber glass reinforcements and yarns, and industrial and
specialty chemicals, as well as a leading North American producer of decorative
and maintenance paints. PPG's 1999 sales were $7.8 billion.
Apogee is a world leader in technologies involving the design and
development of value-added glass products, services and systems. The company is
organized into two business segments; the Glass Technologies businesses are
leaders primarily in architectural glass and high-end glass coatings for
electronics, while the Glass Services businesses are leaders in replacement auto
glass and building glass services. Apogee's annual sales are nearly $1 billion.
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CAUTIONARY STATEMENT
The discussion above contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements reflect management's current expectations or beliefs. There can be no
assurances that Apogee's proposed automotive replacement glass distribution
joint venture with PPG Industries will close or receive necessary regulatory
approvals at all or in a timely manner or, if it does, that it will successfully
combine the merged businesses or that, once combined, it will achieve favorable
short-term or long-term operating results. In addition, in recent years there
has been excess capacity at the distribution level of the automotive replacement
glass replacement industry and margins have narrowed. There is no assurance the
proposed joint venture will be able to improve or maintain margins. Also there
can be no assurances given that the reorganization and realignment of Auto
Glass' businesses will lead to successful operating results for those companies
now or in the future or that the strategic alternatives proposed for such
businesses will be available on terms acceptable to Apogee. The Company cautions
readers that actual future results could differ materially from those described
in the forward-looking statements depending upon the outcome of certain factors,
including the risks and uncertainties identified in Exhibit 99 to the Company's
Report on Form 10-K for the fiscal year ended February 26, 2000.
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