Business
Apogee Enterprises Provides Business Update
Company Provides Update on Business Impact of COVID-19 Announces $20 million of Additional Cost Actions MINNEAPOLIS--(BUSINESS WIRE)-- Apogee Enterprises,
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\nCompany Provides Update on Business Impact of COVID-19 \n\n\nAnnounces $20 million of Additional Cost Actions\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today provided an update on its business operations and actions the company has taken to align costs with market conditions.\n\n\n“As the situation surrounding the COVID-19 outbreak continues to evolve, we remain focused on three imperatives: maintaining the health and safety of our employees; continuing to meet our customers’ needs; and ensuring the long-term health of our business,” said Joseph F. Puishys, Apogee’s Chief Executive Officer. “I’d like to recognize the entire Apogee team for their tremendous efforts during this challenging time. We have quickly adapted our operations to ensure a healthy working environment, while supporting our customers with the products and services they need to keep critical infrastructure projects on schedule.”\n\n\nMr. Puishys continued, “While most of our facilities remain fully operational, parts of our company are experiencing various levels of negative impact from the COVID-19 situation, especially the continued closure of our Large-Scale Optical segment. As a result, we have taken a number of preemptive measures to align our company’s costs with the current market environment. We are doing so in a way that minimizes workforce reductions and maintains the capabilities and capacity we’ll need as markets recover.”\n\n\nBusiness Update\n\n\nAt this time, most of the Large Scale Optical (LSO) segment’s customers are closed to comply with various state and local government directives. While warehousing and shipping functions continue to operate, the company now expects the segment’s two primary manufacturing locations will remain closed through the end of June, then gradually ramp-up in the second quarter as customers reopen for business, before resuming normal operations in the second half of the fiscal year. In light of significantly reduced near-term customer demand, the LSO segment is expected to report an operating loss in the first half of the fiscal year and then return to strong levels of financial performance when customers fully reopen.\n\n\nThe company’s three Architectural segments continue to operate and serve customers, while taking the necessary precautions to ensure workforce health and safet...