Apogee Enterprises (APOG) has released an update to notify the public and investors about termination and asset disposition expenses.
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Apogee Enterprises, Inc.’s Board of Directors approved Project Fortify on January 10, 2024, to restructure the company for profitable growth by simplifying its Architectural Framing Systems Segment, reducing workforce by 250, and closing a manufacturing site and some offices. The company will incur $16-18 million in pre-tax charges but expects annual savings of $12-14 million, mainly realized in fiscal years 2025 and 2026. The plan should be mostly completed by the end of the third quarter of fiscal 2025, although actual costs and savings may vary materially.
For further insights into APOG financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.