Apogee to cash in on sale of PPG Auto Glass
July 29, 2008
Officials of Apogee Enterprises, Minneapolis, indicated the company would sell its 34 percent interest in PPG Auto Glass following the completion of its sale to Kohlberg & Co. LLC, Mount Kisco, N.Y., later this year, according to a July 28 MarketWatch.com report.
"With PPG's agreement to sell a majority interest in its automotive glass and services businesses, expected to close in the next few months, we anticipate exercising our option to sell our full interest in this business - this will be the last step in our strategic exit of the auto replacement glass market," said Apogee Chairman and CEO Russell Huffer, in the report. "When PPG completes the sale of these businesses, Apogee anticipates receiving cash proceeds of approximately $25 million for its 34 percent interest in PPG Auto Glass."