Apogee Enterprises Announces Strategic Actions to Reduce Costs and Strengthen the Company’s Position for Profitable Growth
Project Fortify includes the following strategic changes related to the Architectural Framing Systems (AFS) segment:
- Eliminating certain lower-margin product and service offerings, enabling the consolidation of AFS into a single operating entity.
Transferring production operations from the Company’s facility in
Walker, Michigan, to the Company’s facilities in Monett, Missouriand Wausau, Wisconsin.
- Simplifying the segment’s brand portfolio and commercial model to improve flexibility, better leverage the Company’s capabilities, and enhance customer service.
Additionally, the Company will implement actions to optimize processes and streamline resources in its Architectural Services and Corporate segments.
“The actions we are announcing today progress our enterprise strategy and help position the Company to build on what we’ve achieved over the past two years,” said
The Company will begin executing these actions immediately and expects to be substantially completed in the third quarter of fiscal 2025. The Company expects to incur approximately
The actions announced today are expected to lead to annualized cost savings of
Certain statements within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plans”, “goals”, “should” and similar expressions are intended to identify “forward-looking statements”. These forward-looking statements include statements regarding our future structure, growth, profitability, positioning, results, expenses, targets and other statements that are not historical in nature. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In particular, statements regarding the Company’s restructuring and cost-savings plans disclosed in this release constitute forward-looking statements. These forward-looking statements are subject to significant risks that could cause actual results to differ materially from the expectations reflected in the forward-looking statements. Such risks include, without limitation, that: we may be unable to achieve our anticipated results from the business restructuring initiatives; implementation of the cost-saving and business restructuring initiatives may take more time or cost more than expected; the anticipated cost saving initiatives may not be achieved, or they may be materially less than anticipated; and the restructuring may result in disruption in delivery of services to our customers. More information concerning potential factors that could affect future financial results is included in the company’s Annual Report on Form 10-K for the fiscal year ended
Vice President, Investor Relations