It has been announced that US glass manufacturer Apogee Enterprises, is planning to refocus on its core interests like its auto and specialty glass unit, including Harmon Glass, based in Bloomington, …
It has been announced that US glass manufacturer Apogee Enterprises, is planning to refocus on its core interests like its auto and specialty glass unit, including Harmon Glass, based in Bloomington, Minnesota, US. The move is part of the company“s strategy to return to profitability and financial health. Apogee has already put about US$ 6 million in investments into Harmon Glass for the establishment of a computer network to process insurance claims at its 268-store chain, including 3,000 affiliated claims centres across the US. Analysts welcomed such measures and gave the company a good stock buy recommendation in late 1995, pushing share prices up from US$ 13 to as much as US$ 17. Apogee announced in March that a Minnesota court granted its request to require Marvin Windows to sell Apogee its one-half interest in two joint ventures. Transfer of the two ventures, Marcon Coatings Inc and Viratec Thin Films Inc, to Apogee was to take effect in March, with the price to be determined later by the court, Apogee said. Both Marcon and Viratec are in the glass-coating business. Last November, Marvin asked the court to disband the Viratec joint venture under Minnesota law, after disagreements with Apogee about strategy and management of the business had resulted in a deadlock of its board. Marvin later amended its complaint to include the Marcon venture. Both Apogee and Marvin had brought motions to buy out the other“s interests in Marcon and Viratec under Minnesota“s dissolution statute.