APOGEE ENTERPRISES, INC. (APOG): restructuring charge — Apogee launches Project Fortify restructuring; cuts ~250 jobs, expects $16M-$18M charges

APOGEE ENTERPRISES, INC.

Workforce reduction of ~250 employees; closure of Walker, MI facility and certain administrative offices.
Pre-tax charges of $16M-$18M, including $7M-$9M severance, $2M-$3M contract termination, $6M-$7M other.
Annualized cost savings of $12M-$14M; ~60% realized in fiscal 2025, balance in fiscal 2026.
Charges excluded from GAAP earnings; no impact on adjusted diluted EPS outlook for FY2024 or FY2025.
Substantially complete by Q3 fiscal 2025; 70% of savings from Architectural Framing Systems segment.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

APOGEE ENTERPRISES, INC. announced a restructuring with charges of approximately $16 million to $18 million of pre-tax charges affecting Architectural Framing Systems Segment, Architectural Services Segment, Corporate Segment (approximately 250 employees).

Type: restructuring
Charge: approximately $16 million to $18 million of pre-tax charges
Affected area: Architectural Framing Systems Segment, Architectural Services Segment, Corporate Segment
Headcount: approximately 250 employees

Exact text from the filing

facility and certain administrative offices. The Company broadly communicated these actions internally on January 30, 2024. The Company expects to incur approximately $16 million to $18 million of pre-tax charges in connection with Project Fortify, including: approximately $7 million to $9 million of severance and employee related costs, $2 million to $3

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

APOGEE ENTERPRISES, INC. filing history →

Source: SEC EDGAR

accession 0000006845-24-000029

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